Boralex announces the acquisition of 90.5 MW in France, including 34.5 MW in operation
MONTREAL, June 28, 2012 /PRNewswire/ – Boralex Inc. (“Boralex” or the
“Corporation”) (TSX: BLX) announces that it has completed a series of
transactions to acquire, through the Corporation’s subsidiary Boralex
Europe S.A., a 34.5 MW wind farm in operation (“St-Patrick”), acquired
from AES Corporation, as well as three fully authorized wind projects
totalling 56 MW of installed capacity (the “Development Projects”),
acquired from InnoVent SAS, for a total of approximately C$45 million
(EUR34 million). The St-Patrick wind farm and Development Projects are
located in the Nord-Pas-de-Calais and Picardie regions of France,
strengthening the Corporation’s presence in that area.
In addition, Boralex has entered into a development agreement with
InnoVent, a French company specialized in wind power project
development. This five-year agreement secures purchase options for
130 MW in additional wind power projects currently in development in
“With this acquisition, Boralex exceeds 500 MW in operation, with an
installed capacity of nearly 200 MW in France. This acquisition also
allowed Cube Infrastructure Fund to complete its initial financial
commitment well ahead of the December 2012 deadline. Our
European development team is currently finalizing the development
projects we just acquired,” said Boralex President and CEO Patrick
Following this acquisition, Cube’s equity interest in Boralex Europe
S.A. now stands at approximately 25%.
The St-Patrick wind farm was commissioned during the period between July
2009 and February 2010. All of the energy generated is sold to
Ã‰lectricitÃ© de France under long-term contracts expiring in 2024 and
2025.The Development Projects are slated to be commissioned
commercially in the second half of 2013.
Boralex was advised in this matter by its legal counsels K&L Gates, LLP
in New York City and Paris, as well as by Volta Avocats in Paris.
Boralex is a power producer whose core business is dedicated to the development and
the operation of renewable energy power stations. Currently, the
Corporation operates an asset base with an installed capacity of 500 MW
in Canada, the Northeastern United States and France. Boralex is also
committed under power development projects, both independently and with
Canadian and European partners, to add more than 525 MW of power. With
more than 200 employees, Boralex is known for its diversified expertise
and in-depth experience in four power generation types — wind,
hydroelectric, thermal and solar. Boralex’s shares and convertible
debentures are listed on the Toronto Stock Exchange under the ticker
symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.
SOURCE BORALEX INC.