Canada-based renewable energy firm Boralex has agreed to divest a 30% interest in its renewable assets and development pipeline in France to Swiss investment manager Energy Infrastructure Partners (EIP).
The sale is part of a long-term partnership between the two companies.
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The agreement covers operating assets with a combined capacity of more than 1GW, as well as a 1.5GW project portfolio under development.
Under the deal, Boralex will receive cash proceeds of up to €532m ($596m) at the deal’s closing.
The company will remain the majority shareholder of the assets and will continue to manage the operating assets, which are located across nearly 70 sites in France.
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In a statement, Boralex said that the transaction provides a pre-money equity valuation of €1.72bn for all its operations in France.
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By GlobalDataThe deal’s completion is subject to regulatory conditions and approval from Boralex’s Economic and Social Committee (CSE).
Boralex Europe vice-president and general manager Nicolas Wolff said: “Partnering with EIP is a great opportunity for Boralex.
“With its solid experience in renewable energy and a significant foothold in Europe, EIP can support the realisation of our ambitions.
“Our goal was to secure a long-term partnership with a sector specialist to support our growth.”
The deal is expected to bolster Boralex’s position within the market by allowing the company to make further investments in wind and solar power, as well as increase its storage capabilities.
The company aims to have 1.8GW of installed capacity by 2025 and increase this to 3GW by 2030.
EIP managing partner Roland Dörig said: “Looking at the French Government’s plans, onshore wind and solar technology is projected to play an instrumental role in securing the country’s energy supply.
“Boralex is well-positioned to support France in achieving its renewables targets, thanks to its large and technologically diversified portfolio of assets.”
Earlier this month, Boralex acquired controlling interests in a US-based solar portfolio for $215.6m.
