MONTREAL, Oct. 25, 2012 /PRNewswire/ - Boralex Inc. (" Boralex ") announces the closing of the acquisition of the 22 MW run of the river hydroelectric project (the "Project") located near Gold Bridge, British Columbia. This acquisition was announced earlier this year on July 25. The construction of the Project, which was owned by Sequoia Energy Inc., began in recent months and is expected to be operational in late 2013.
"Now that we have formalized this acquisition, our team will ensure that a smooth ownership transition is made and will endeavor maintaining the good and strong relationships fostered by Sequoia over the last few years of development. Our next immediate goals are to negotiate a long-term financing and make sure that the construction of the Project stays on schedule until it is suspended for the winter season," said Patrick Lemaire, President and CEO of Boralex.
The Project benefits from a 40-year electricity purchase agreement with BC Hydro that has a 20-year renewal period.
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 the middle of 2013 and the end of 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.