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France

Boralex acquires EGP French projects in €280m deal

FRANCE: Canadian renewable energy developer and operator Boralex plans to buy Enel Green Power's French wind energy assets in a deal it said would boost its French wind capacity to 455MW.

Enercon turbines at Boralex's Grand Camp project in central France
Enercon turbines at Boralex's Grand Camp project in central France

Boralex will gain 12 operating French wind farms with total capacity of 186MW, a 10MW project under construction and a pipeline of 310MW in wind and solar projects.

The deal, which has an enterprise value of €280 million, would make Boralex the largest independent wind power producer in France.

Boralex said that pipeline could add up to 120MW of mainly wind projects to its installed capacity in the next few years. The operating assets Boralex is acquiring are characterised by power purchase agreements with remaining average lives of 11 years with state-owned utility EDF.

EGP announced plans earlier this year to exit the French market, where it said it lacked critical mass. The Italian company is also seeking a minority investor for a portfolio of about 700MW in US wind, hydro, solar and geothermal assets.

Funds from both deals are expected to help accelerate EGP's growth strategy in both emerging markets and the US, where EGP currently has a renewable portfolio totalling about 2GW.

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