Boralex Inc. has entered into an exclusivity agreement with private developers to acquire a portfolio of wind power projects of nearly 350 MW located in France.
The closing of the transaction would allow Boralex to acquire by 2018:
- 79 MW of ready-to-build projects (with commissioning dates scheduled during 2017 and 2018);
- 159 MW of projects at an advanced stage of development; and
- 118 MW of projects at preliminary stages of development.
This acquisition combined with projects currently under development by Boralex will bring Boralex’s portfolio of development projects inFrance to nearly 850 MW. Thus, the projects set to be commissioned over the next few years will be added to the 500 MW currently operated by Boralex in France.
“With this transaction, our position as France’s leading independent producer will be strengthened while confirming the French market as the cornerstone of our growth in the coming years,” stated President and Chief Executive Officer Patrick Lemaire.
Boralex continues its discussions with the sellers during this exclusivity period to sign a purchase agreement as soon as possible. The completion of this transaction is subject to the negotiation of the Agreement and related documentation as well as conditions customary for this type of transaction.
The ready-to-build projects will require investments of about €150 million (US$ 163 million) and will benefit from the regulatory rate, including the projects at an advanced stage of development.