Boralex takes full ownership of 296 MW Quebec wind projects

Boralex Inc. has entered into a definitive agreement to acquire the full 49% equity stake held by the Caisse de dépôt et placement du Québec (CDPQ) in 3 wind farms in Quebec, already 51% owned by Boralex. CDPQ's 49% equity stake represents 145 MW net installed capacity and the three wind farms represent a total capacity of 296 MW.

Located in the Avignon RCM in Gaspésie and the Appalaches RCM in eastern Quebec, the farms are equipped with Enercon turbines and benefit from long-term power purchase agreements (PPAs) with Hydro-Québec Distribution, expiring between 2032 and 2033 with a weighted average remaining contract duration of nearly 12.5 years.

As part of the acquisition, Boralex will pay a cash consideration of CAD121.5 million (US$92.8 million) to CDPQ on closing, which may be supplemented by a conditional consideration of up to CAD4 million (US$3.12 million) subject to the settlement of certain future conditions that need to be met. The closing is expected to take place at the end of November 2020, subject to standard closing conditions.