Theolia sells three projects to Boralex in EUR73m deal

FRANCE: The struggling French wind developer and operator Theolia continues its divestment strategy with the sale of 47 MW of assets in France to the Canadian developer Boralex for around EUR 73 million.

Theolia: divesting of assets to fund project development
Theolia: divesting of assets to fund project development

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Theolia has settled on a "develop, operate and sell" strategy to try and boost its business. The groups says its aim is to optimise its return on capital by increasing reinvestment into its projects in development.

The Theolia portfolio comprises 6.9 MW (three Nordex 2.3 MW turbines) already turning at Bel Air in the Côtes d'Armor département of Brittany and two projects under construction: 30 MW at Ronchois in the Seine-Maritime and 10 MW at Grand Camp in the Eure-et-Loir.

Both are to be equipped with Enercon 2 MW machines, with completion slated for mid-summer. This is not the first time Boralex and Theolia have done business.

Last October Boralex bought a 9.2 MW project now building at Chasse-Marée, in the Somme, from Theolia. Again, Enercon is supplying the turbines.

Since then Boralex has teamed up with Cube Infrastructure Fund, offering the Luxembourg-based company a 30% holding in Boralex's European operations in return for a capital injection of EUR 33 million.

This will allow Boralex to develop an additional 110 MW of wind power projects in Europe without calling on additional funds, the company says. To date, its operating European wind assets total 118.9 MW, all of it in France.





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