Boralex to acquire 32MW wind power project in France

6 June 2012 (Last Updated June 6th, 2012 18:30)

Canada based Boralex has signed a share purchase agreement to enable its subsidiary Boralex Europe S.A. to acquire a 32MW wind project, located in the Indre department, in France

Canada based Boralex has signed a share purchase agreement to enable its subsidiary Boralex Europe S.A. to acquire a 32MW wind project, located in the Indre department, in France.

The project will comprise 16 Gamesa G90 turbines with a capacity of 2MW each, for a total investment of CA$55m (€43m).

Électricité de France will buy all the energy produced from the site, which is scheduled to be commissioned in the third quarter of 2013, under a 15-year contract.

Boralex president and chief executive officer, Patrick Lemaire, said in addition to the 161MW of wind power already in operation, this project will increase the total installed wind power capacity of Boralex in France to 193MW.

Lemaire said: "This acquisition also allows us to leverage the stockholders' equity that our partner Cube is committed to invest by the end of 2012.

"We are confident to complete the acquisition and its financing as soon as possible."

Boralex said the deal is subject to financing and certain standard closing conditions.

Quebec-headquartered Boralex develops and operates renewable energy power stations, and currently operates an asset base with an installed capacity of nearly 500MW in Canada, the US and France.

Boralex is planning to add more than 470MW of renewable power, both independently and with Canadian and European partners.