Quebec-based Boralex Inc. has announced it will acquire Enel Green Power's French subsidiary for a total net consideration of C$400 million (approximately $344 million).
Boralex says the agreement will make it the largest French independent wind power producer and increase the company's overall net installed capacity by 25%, to 940 MW.
Under the deal for Enel Green Power France (EGPF), Boralex will boost its portfolio by adding 12 operating French wind farms totaling 186 MW and a 10 MW wind project currently under construction. The agreement also includes a 310 MW pipeline of wind and solar projects. In total, EGPF employs 48 employees
"We are thrilled today to announce the acquisition of EGPF and look forward to welcome its employees to the Boralex family," says Patrick Lemaire, president and CEO of Boralex. "We strongly believe that the acquisition, one of the largest acquisitions by a Quebec-based company in France to date, is compelling for Boralex's shareholders as it helps strengthen the corporation's profile both overall and in the French market, and provides a stable and recurring cashflow stream."