Boralex signs exclusivity deal for 350MW of French wind power projects

16 December 2015 (Last Updated December 16th, 2015 18:30)

Canadian green energy giant Boralex has signed an exclusivity agreement to acquire around 350MW of wind energy generating projects in France.

Canadian green energy giant Boralex has signed an exclusivity agreement to acquire around 350MW of wind energy generating projects in France.

The projects will be acquired from private developers in the country whose names are yet to be disclosed.

The acquisition of the wind farms are expected to be carried out by the end of 2018, following closing of the deal.

The new assets will raise Boralex’s portfolio of development projects to around 850MW in France, and comprise 79MW of ready-to-build projects, which have been scheduled to enter commercial operations during 2017 and 2018.

"Our position as France’s leading independent producer will be strengthened while confirming the French market as the cornerstone of our growth in the coming years."

Around 159MW of the acquired projects are at an advanced stage of development, whilst the remaining 118MW of the assets are at preliminary construction stage, said Boralex.

The firm presently operates 500MW in France and expects to invest around €150m for the ready-to-build power projects.

Boralex president and chief executive officer Patrick Lemaire said: "With this transaction, our position as France’s leading independent producer will be strengthened while confirming the French market as the cornerstone of our growth in the coming years."

The firm intends to negotiate with the private developers during the exclusivity period, to form definitive agreements for the asset acquisitions.

Boralex has recently commissioned the 24MW Frampton wind energy project in Beauce, Canada, which features 12 Enercon E-82 turbines.

The project had cost the firm around C$80m ($58.1m), and is backed by a 20-year power purchase agreement with Hydro-Québec.