Boralex doubles French portfolio

FRANCE: Canadian renewable energy developer and operator Boralex has acquired 350MW wind projects in northern France from "a group of private developers".

Boralex's French portfolio now stands at approximately 850MW - mostly in wind
Boralex's French portfolio now stands at approximately 850MW - mostly in wind

The portfolio comprises 79MW of ready-to-build projects, slated for commissioning in 2017 and 2018; 159MW at an advanced stage of development; and 188MW at a preliminary stage.

The purchase has almost doubled Boralex's French development pipeline to 850MW, with the 500MW it already operates, mostly wind energy.

It will also consolidate Boralex's position as France's largest independent producer of onshore wind and third-ranked player overall behind domestic utilities Engie and EDF Energies Nouvelles.

"With this transaction, our position as France's leading independent producer will be strengthened while confirming the French market as the cornerstone of our growth in the coming years," said president and CEO Patrick Lemaire.

France is the company's largest market, comprising 51% of its activities, with 40% in Canada and 9% in the US. The company cites the main attractions of France being because it is "lagging behind" its EU targets and has a favourable support mechanism, including indexed contracts and a legally binding obligation to buy.

While Boralex did not disclose financial details, it said the ready-to-build projects will require investments of around €150 million and an equity contribution of approximately 20% of the investment, representing €30 million, over the next two years.

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