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France

France

Boralex acquires French energy investors

FRANCE: Canadian developer Boralex has acquired the outstanding shares of an investment firm with a 163MW operational portfolio.

Kallista's neighbouring Morlange and Zondrange wind farms (above) have respective capacities of 9.6MW and 12.5MW
Kallista's neighbouring Morlange and Zondrange wind farms (above) have respective capacities of 9.6MW and 12.5MW

The deal means Borlaex acquires French company Kallista Energy Investment from investment firm Ardian Infrastructure for €129 million (C$171 million).

Kallista Energy Investment also had a 10MW ready-to-build project and a 158MW pipeline.

With the acquisition of Kallista, Boralex increases its installed wind capacity in France from 609MW to 772MW.

The independent power producer also assumes C$146.7 million in project debt through the acquisition of Kallista.

Announcing the deal back in April, Boralex stated that it expected the transaction to add approximately C$36 million in operating profit (Ebitda).

It added that "the integration of Kallista’s assets should enable development and operations team synergies" in the medium-term.

Boralex CEO Patrick Lemaire said: "With this acquisition, Boralex stands to benefit from numerous operational synergies, while fully capitalizing on its unique and integrated model as developer, prime contractor and operator of its projects."

After Ardian acquired the company in 2011, Kallista launched a development programme that doubled the size of the company.

Kallista Energy, which manages the group’s wind farms, "specialises in repowering", Ardian stated. Earlier this year, it began the first repowering of a wind farm in Brittany, which will see the four-turbine 3MW Plouyé project upgraded to a capacity of 9.2MW.

To date, Kallista has only invested in wind farms, but on its website the group said it was "constantly on the lookout for projects that combine performance, competitiveness and a low-environmental impact".

This story was first published on 23 April and updated on 20 June.

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