The project company BVH1 s.e.n.c., composed of Boralex inc., Énergir Développement inc. and Hydro-Québec, announced it has closed CAD960mn ($704mn) in funding to support the development of the Des Neiges – South Sector wind project, with a capacity of 400 megawatts. The project is currently under construction on private land in the Seigneurie de Beaupré, in the Côte-de-Beaupré region of Québec.
A multi-tiered financing structure
According to the financial details released, the arrangement includes a CAD733mn ($538mn) construction loan that will convert into a term loan once electricity deliveries begin, scheduled for the fourth quarter of 2026. It also includes a CAD170mn ($125mn) bridge loan and a CAD57mn ($42mn) guarantee facility. Mouvement Desjardins is acting as the administrative agent for the banking consortium involved in the deal.
The implementation of the project represents an estimated total investment of CAD1bn ($733mn). Around 500 workers are expected to be involved during the construction phase, and approximately 15 permanent jobs are planned for the operational and maintenance phases. Additionally, a fund exceeding CAD80mn ($58mn) will be allocated to local host communities.
Provincial energy targets and industrial strategy
The Des Neiges – South Sector project aligns with Hydro-Québec’s strategic goals, which include adding up to 10,000 MW of additional wind capacity by 2035. This initiative aims to reinforce the province’s energy supply amid growing industrial and residential demand.
The project includes the installation of 57 wind turbines, expected to produce approximately 1.2 terawatt-hours annually, equivalent to the electricity consumption of 70,000 households or 325,000 electric vehicles. Borea Construction, responsible for execution, has already begun work on site and will collaborate with local companies for the remainder of the construction.
Corporate partnership at the project’s core
BVH1 was established specifically to develop this wind farm. The partnership unites three of Québec’s major energy players, enhancing their ability to coordinate construction and future operations. The Des Neiges – South Sector project is the first of three potential 400 MW wind projects planned on Seigneurie de Beaupré lands.
The financing structure, involvement of institutional partners, and participation of local firms reflect a development model based on resource pooling and long-term planning suited to the Québec context.
