Boralex, Enercon Seal The Deal On Niagara Wind Farm

Posted by Betsy Lillian on January 18, 2017 No Comments
Categories : Projects & Contracts

Quebec-based Boralex has closed its purchase of Enercon Canada’s interest in the 230 MW Niagara Wind Farm (NRWF), located in Ontario.

Boralex closed the deal for a total cash consideration of C$232.4 million, subject to adjustments under the acquisition agreements. The transaction was financed in part through a public offering of subscription receipts of Boralex for gross proceeds of approximately C$172,518,975, which includes the full exercise of the over-allotment option by the underwriters.

The offering, which closed on Dec. 23, was completed through a syndicate of underwriters led by National Bank Financial Inc. and RBC Capital Markets. It also included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., TD Securities Inc., Cormark Securities Inc., Industrial Alliance Securities Inc. and Raymond James Ltd. – which have purchased, on a bought deal basis, an aggregate of 10,361,500 subscription receipts of the corporation at a price of C$16.65 each.

Boralex expects NRWF to generate approximately C$84 million in annual run-rate earnings before interest, tax, deprecation and amortization.

Extending across the Regional Municipality of Niagara, the Township of West Lincoln, the Town of Wainfleet and Haldimand County, NRWF was commissioned on Nov. 2. The wind farm was developed by Enercon and Boralex in partnership with the Six Nations of the Grand River Band.

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