Kingsey Falls, Quebec-based Boralex Inc. has entered into an exclusivity agreement with private developers to acquire a 350 MW portfolio of wind power projects in France.
Upon the closing of the transaction, Boralex would acquire the following projects 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.
Boralex develops, builds and operates renewable energy power facilities in Canada, France and the U.S. This acquisition, combined with projects currently under development, will bring Boralex's portfolio of development projects in France 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.
Boralex says it 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 EUR 150 million and will benefit from the regulatory rate, including the projects at an advanced stage of development, says Boralex.