Boralex signals 'competitive' Dunkirk exit

Boralex will sell its stake in a consortium bidding for the 750MW project off Dunkirk, France, should it be successful in the forthcoming tender, because of the increased competition in the auction.

The race for Dunkirk is heating up, and has got too hot for some
The race for Dunkirk is heating up, and has got too hot for some

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The tender is expected to be very competitive with many of the major developers taking part.

Therefore, the increased financial risk of a competitive bid no longer satisfies Boralex's investment criteria, the company explained.

"After a careful review amid changes in the tender's competitive conditions and risk profile... [Boralex's] interest in the consortium no longer satisfies its investment criteria," the company announced.

The Canada-based firm will exercise its option to sell its stake to the other consortium members — Eneco, Van Oord and DGE — once the tender is awarded.

However, it will continue to assist and support the development of the project as a member and then a non-member.

"The consortium continues to strongly believe in the prospects and the success of this bid for this very important project," Boralex said.

At least six other consortiums have submitted bids:

- Deme, Quadran Energies Marines and Shell

- EDF Renouvelables, Innogy, Enbridge

- Elicio, Total, Ørsted

- Engie, EDPR, E.on

- Parkwind, Valeco

- Vattenfall, Wpd, Caisse des Depots

The regulator must give its advice to the government by mid-May, opening the way to a possible decision before the summer.

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