Canadian power company Boralex has agreed to acquire a 100% stake in Kallista from French equity investment firm Ardian for a price consideration of €129.4m and the assumption of €94m in project debt.
Boralex intends to fund the transaction using its revolving credit facility.
The deal is expected to be close by June after fulfilling customary closing conditions and obtaining regulatory approvals.
Boralex president and CEO Patrick Lemaire said: “This transaction is very strategic and beneficial for Boralex and will strengthen our position as France’s largest independent producer of onshore windpower and allow us to take full advantage of our unique and integrated model as a developer, prime contractor and operator of our projects.
“Boralex will enjoy a number of operational synergies and significantly improve its growth prospects in light of the very ambitious renewable energy development goals set by the French Government.”
Under the deal, Boralex will acquire 163MW of Kallista’s windpower projects currently in operation, a 10MW ready-to-build project and a portfolio of projects totalling 158MW.
Upon completion of the transaction, Boralex will become the largest independent producer of windpower in France by increasing its installed capacity from 609MW to 772MW.
Boralex Europe vice-president and general manager Patrick Decostre said: “Since 2003, Boralex has had a pioneering vision in France developing its windpower operations.
“The major acquisition announced today is a hallmark of steady, well-controlled growth. It shows that with the agility of a company on a human scale like ours, along with our financial strength, we have become a leading player in the current market consolidation as France’s largest independent producer of onshore windpower.”
The deal will also see the integration of the Kallista team into Boralex.