Canadian renewable energy power facilities operator Boralex has acquired all the economic interests of Invenergy Renewables in five wind farms located in Québec for a total cash consideration of C$215m ($164m).
Located in the MRC d’Avignon and the MRC des Appalaches in Eastern Québec, the five projects have a combined net installed capacity of 201MW and were commissioned between March 2012 and December 2016.
The farms are reported to have been equipped with the advanced Enercon and GE wind turbines.
Additionally, the projects have entered into a long-term power purchase agreements (PPA’s) with Hydro-Québec Distribution.
Boralex president and CEO Patrick Lemaire said: “This acquisition highlights the strength of our acquisition capabilities in this competitive marketplace where Boralex captures operational synergies…[and] 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 Québec.”
The deal is also reportedly in line with the Boralex’s strategy to further strengthen its position in the Canadian renewable energy sector.
With the completion of the acquisition, Boralex has increased its clean energy asset portfolio to 1,820MW, while extending its portfolio’s weighted average PPA term to 14 years.
Boralex noted that the approvals and consents required for the acquisition were obtained prior to the closing of the deal.