MONTREAL, Nov. 8, 2012 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") announces the closing of the acquisition, by its subsidiary Boralex Europe S.A., of the 32 MW La Vallée wind power project (the "Project") located in the department of Indre, France. As announced on June 5, 2012, the Project, which was initially developed by the company Gamesa, consists of 16 Gamesa G90 wind turbines. A long term project financing will be provided by a banking consortium made up of OSEO, Crédit Coopératif and Crédit Mutuel ARKEA. The signing of the financing documents and the fulfilling of the standard closing conditions are scheduled for mid-December 2012.
"With this project, Boralex exceeds the threshold of 200 MW of contracted capacity in the wind power segment in France. Despite economic turbulence in Europe, Boralex is once again setting itself apart and staying the course with its growth strategy in France, one of our primary targeted markets," states Patrick Lemaire, President and Chief Executive Officer of Boralex.
Boralex expects the La Vallée wind power farm to start operating by the end of 2013. All the energy produced will be sold to Électricité de France under a long-term contract with a 15-year term.
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 more than 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 over 550 MW of power that will be put in service between 2013 and 2015. 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.