Canadian power producer Boralex has acquired stake in Invenergy’s five wind farms in Québec, Canada, totaling 201MW in capacity, for C $215m ($165m).
The projects acquired by Boralex include the 138.6MW Le Plateau I, the 21.15MW Le Plateau II wind farm, the 74.8MW Roncevaux project, the 135.7MW Des Moulins I site and the 21.1MW Des Moulins II project. The acquisition of wind farms was announced in June this year.
These wind farms are located in the MRC d’Avignon and the MRC des Appalaches in Eastern Québec. They were commissioned between March 2012 and December 2016.
The wind farms are powered by turbines from Enercon and GE. They are supported by long-term power purchase agreements (PPAs) with Hydro-Québec Distribution. The PPAs are scheduled to expire between 2032 and 2041.
The acquisition has resulted in an increase of Boralex’s net installed capacity by about 12% to 1.8GW while extending its average PPA term by 14 years.
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.
“This acquisition 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.”
As part of the deal, Boralex will take the responsibility of facilities management, as new manager of the sites and will manage the day-to-day business and affairs at the projects.
To complete the acquisition, the firm has required approvals and consents, including from the Competition Bureau of Canada, Hydro-Québec.
In June, Boralex completed a previously announced acquisition of a 331MW wind portfolio in France from Kallista Energy Investment, made up of 163MW in operation, 10MW under construction and a 158MW pipeline, for a sum of about €129m (C$198m).
The acquired 15 projects in connection with this transaction increased total installed capacity of the company in France to 799MW.
Boralex develops, builds and operates renewable energy power facilities in Canada, France, the UK and the US.