Boralex has acquired a 25% interest in the 230 MW Niagara Region Wind Farm project that contains a buy/sell option.
The project, owned by Enercon, will be powered by 77 of Enercon's 3 MW turbines spread out across the Regional Municipality of Niagara and Haldimand County. Construction is expected to begin in June. According to Boralex, the total investment of the project is C$900 million and C$950 million.
Boralex will have the obligation to exercise the option if certain financial conditions are met at the time of signature of a project financing agreement.
If unexercised, the wind developer says it can exercise the option at its discretion following commercial commissioning. Boralex expects that C$60 million in equity will be needed to exercise the option.