Boralex has closed its acquisition of a portfolio of wind power projects in Northern France totaling approximately 350 MW (the “Acquisition”). With the Acquisition, Boralex gains access to a major pipeline of projects, of which over 150 MW may be commissioned in 2017 and 2018, coming from 79 MW of ready-to-build projects and a pipeline of 159 MW of projects at advanced stages of development.
The ready-to-build projects will require investments of approximately €150 million (C$225 million) and an equity contribution of approximately 20% of the investment being €30 million (C$45 million) over the next two years. Boralex expects construction of the ready-to-build projects to get underway in June 2016 with around 35 MW to be commissioned by the end of 2017 and the balance in 2018.
The ready-to-build projects will benefit from the prevailing energy purchase rate in France, as do projects in advanced stages of development. The projects' financing phase will begin in early 2016.
This Acquisition, together with the projects currently under internal development, will grow our French portfolio of development projects to nearly 850 MW. The projects to be commissioned in the next few years will build on the 500 MW Boralex currently operates in France.
Boralex has been advised by the law firms K&L Gates LLP and Volta avocats.