Boralex Announces Acquisition of a 32 MW Wind Power Project in France
MONTREAL, June 5, 2012 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") announces the signature of a share purchase agreement aiming at the acquisition of a 32 MW wind project (the "Project") by its subsidiary Boralex Europe S.A. This Project, located in the Indre department, will consist of 16 Gamesa G90 turbines with a capacity of 2 MW each. This first transaction between Boralex and Gamesa fully satisfies both parties. The total investment for the Project will amount to CA$55 million (€43 million). The acquisition remains subject to financing as well as certain standard closing conditions.
The commissioning of the site is slated for the third quarter of 2013. All the energy produced will be sold to Électricité de France under a 15-year term contract.
"In addition to the 161 MW already in operation, this project will increase the total installed wind power capacity of Boralex in France to 193 MW. 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," said Patrick Lemaire, President and Chief Executive Officer of Boralex.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of nearly 500 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add more than 470 MW of power. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.
SOURCE BORALEX INC.