Boralex Inc. has announced it has entered into binding agreements with affiliates of Invenergy Renewables LLC to acquire all of its economic interests in five wind farms in Québec for a total cash consideration of CAD215 million (US$161 million). This includes:
The five wind farms are located in the MRC d'Avignon and the MRC des Appalaches in Eastern Quebec and were all commissioned between March 2012 and December 2016. These assets have long-term PPAs in place with Hydro-Quebec Distribution, expiring between 2032 and 2041. Boralex will finance the acquisition using a CAD-180-million public offering of subscription receipts and a CAD-45-million private placement of subscription receipts to Caisse de depot et placement du Quebec (la Caisse).
The closing of the deal will raise Boralex’s net installed capacity by 12% to 1,820 MW and will extend the weighted average PPA term of its own portfolio to 14 years.
BluEarth has started construction of the project. Completion is expected in November 2018, with commercial operations slated to begin next January 2019