Canada-based Boralex Inc. has closed the acquisition of a portfolio of wind power projects in northern France totaling approximately 350 MW.
Boralex says over 150 MW may be commissioned in 2017 and 2018, including 79 MW of ready-to-build projects and a pipeline of 159 MW of projects at advanced stages of development.
The ready-to-build projects will require investments of approximately C$150 million and an equity contribution of approximately 20% of the investment over the next two years. Boralex expects construction of the ready-to-build projects to get under way in June 2016, with around 35 MW to be commissioned by the end of 2017 and the balance in 2018.
This acquisition, together with projects currently under internal development, will grow Boralex's French portfolio of development projects to nearly 850 MW. The projects to be commissioned in the next few years will build on the 500 MW the company currently operates in France.
Boralex was advised by law firms K&L Gates LLP and Volta avocats.