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.
