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Boralex Inc. and Énergir Inc. are developing three wind farm projects of 400 MW each, totalling 1,200 MW, and negotiating the formation of a joint venture with Hydro-Québec on the Seigneurie de Beaupré territory northeast of Quebec City. Upon completion, the projects will together represent the largest wind farm project in Canada and one of the largest onshore wind farm projects in the world. The transaction is novel as Hydro-Québec's first joint venture in the wind sector, and it involved the negotiation of bilateral power purchase agreements, which occur very rarely in Québec. The three proposed projects are the Des Neiges Wind Farm – Charlevoix in the RCM of Charlevoix, the Des Neiges Wind Farm – West in the RCM of La Côte-de-Beaupré and potentially the municipality of Stoneham-et-Tewkesbury in the RCM of La Jacques-Cartier, and the Des Neiges Wind Farm – South in the RCM of La Côte-de-Beaupré. The Des Neiges – South project, developed through project company BVH1 s.e.n.c., reached financial close on a $960 million financing package announced on May 15, 2025, comprising a $733 million construction loan that will convert to a term loan once electricity deliveries begin, a $170 million bridge loan, and a $57 million guarantees facility, with Desjardins Group serving as administrative agent. The 57-turbine South project will be larger than any operational Canadian wind farm and is expected to begin delivering electricity to Hydro-Québec in the fourth quarter of 2026. The overall program represents an aggregate investment of more than $3 billion.
Parties
Company
Boralex Inc.
Company
Énergir Inc.
Company
Hydro-Québec
Deal Type
Financing/InvestmentIndustry
EnergyTransaction
Undisclosed/ConfidentialDeal Status
ClosedClosing Date
15 May 2025