Boralex Acquires Invenergy’s Interests In Quebec Wind Farms

Boralex Inc. has completed its acquisition of Invenergy Renewables LLC’s economic interests in five Quebec wind projects.

The transaction totals a cash consideration of C$215 million, subject to post-closing adjustments to the purchase price under the acquisition agreements.

The wind farms, totaling 201 MW of net installed capacity and comprising Enercon and GE turbines, are located in the MRC d’Avignon and the MRC des Appalaches in eastern Quebec. The projects, commissioned between March 2012 and December 2016, have long-term power purchase agreements with Hydro-Quebec Distribution, expiring between 2032 and 2041. Boralex has become the new manager of the sites.

All required approvals and consents for the acquisition, including from the Competition Bureau of Canada, Hydro-Quebec and the lenders under the credit agreements for the projects, were obtained prior to the closing of the acquisition. The community partners holding the remaining interests in two of the projects (Le Plateau II and Roncevaux) also waived their rights of first offer to acquire Invenergy’s economic interests.

The acquisition increases Boralex’s asset portfolio by nearly 12% to 1,820 MW while extending the weighted average PPA term to 14 years.

“This acquisition highlights the strength of our acquisition capabilities in this competitive marketplace where Boralex captures operational synergies,” states Patrick Lemaire, president and CEO of Boralex. “This acquisition contributes to our objective of sustainable and predictable cash flow growth for our investors while supporting the generation of electricity derived from renewable energy for thousands of homes in Quebec.”

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