Boralex Inc has announced it has secured $74.3 million in financing for the Yellow Falls hydroelectric project on the Mattagami River in Ontario, Canada.
Canada Life Insurance Company, Great West Life Insurance Company and London Life Insurance Company are providing the long-term financing of the 16MW station – covering approximately 81% of estimated project costs.
“The closing of this financing is another recognition of the quality of the projects we develop and the capital market’s trust in Boralex to successfully complete the construction of hydroelectric assets,” said Boralex President and CEO Patrick Lemaire.
The Yellow Falls project will mark Boralex’s first hydropower project developed alongside First Nation partners the Taykwa Tagamou Nation and the Mattagami First Nation. The two First Nations, together with one of the original developers of the project, have contractual rights to acquire a participation of up to 31.25% of the project.
Construction of Yellow Falls is currently underway, with commissioning planned for the end of the second quarter of 2017. The plant will operate under a 39- year power purchase agreement with IESO.
