Boralex acquires an option for a 25% interest in a wind power project in Ontario

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Boralex acquires an option for a 25% interest in a wind power project in Ontario

Boralex has signed a conditional buy/sell option for a 25% economic interest in the Canadian 230 MW Niagara Region Wind Farm project in which Enercon is the majority owner.

The total investment planned for this major undertaking is between CAD$900 million and CAD$950 million and Boralex will immediately begin coordination of the project construction phase in partnership with Enercon.

Extending across the Regional Municipality of Niagara, the Township of West Lincoln, the Town of Wainfleet and Haldimand County in Ontario, the Niagara Region Wind Farm project will comprise 77 3 MW Enercon turbines and construction will begin this month.

Boralex will have the obligation to exercise the Option if certain financial conditions are met at the time of signature of a project financing agreement. If unexercised at that time, Boralex will be entitled to exercise the option at its discretion following commercial commissioning of the project.

The corporation expects that $60 million in equity will be needed to exercise the option. Boralex will be the project operator following exercise of the option. The initial consideration paid by Boralex in connection with the acquisition of this Option will be approximately CAD$5 million, which will primarily consist of a deposit payable to Enercon.

During this month we have reported about several wind projects globally:

 
List of country news

Country news

  • June 10, 2015

    Boralex inaugurates 22 MW Jamie Creek hydroelectric power plant

    Boralex has officially inaugurated the 22 MW Jamie Creek hydroelectric power station in British Columbia, Canada. Read more
  • June 17, 2015

    RET Capital closes financing for solar acquisition

    Renewable Energy Trust Capital Inc. (RET Capital) has announced the close of CAD$66 million (US$53.5 million) of non-recourse debt to support the acquisition of the CityLights solar facility from Canadian Solar Inc. in Ontario, Canada. Read more
  • June 19, 2015

    Niska Gas Storage Partners to be acquired by Brookfield Infrastructure

    Niska Gas Storage Partners LLC and its managing member, Niska Gas Storage Management LLC, have entered into a definitive agreement to be acquired by Brookfield Infrastructure and its institutional partners. Read more
  • June 24, 2015

    Capstone Infrastructure secures final REA approval for Ontario wind projects

    Capstone Infrastructure has announced that the Ontario Ministry of the Environment and Climate Change has issued a renewable energy approval (REA) for the 10 MW Snowy Ridge wind park in Canada. Read more
  • June 25, 2015

    Innergex closes financing for Big Silver Creek hydroelectric project

    Innergex Renewable Energy has announced the closing of a CA$197.2 million (US$159.7 million) non-recourse construction and term project financing for the 40.6 MW Big Silver Creek hydroelectric project in British Columbia, Canada. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.