Boralex Inc., a company develops, builds and operates renewable energy power facilities in Canada, France, the U.K. and the U.S., has closed the acquisition of the previously announced 49% equity stake held by the Caisse de dépôt et placement du Québec (CDPQ) in three wind farms in Quebec, already 51% owned by Boralex.
CDPQ’s 49% equity stake represents 145 MW net installed capacity and the three wind farms represent a total capacity of 296 MW. Located in the Avignon RCM in Gaspésie and the Appalaches RCM in eastern Quebec, these farms are equipped with Enercon turbines and benefit from long-term power purchase agreements (PPAs) with Hydro-Québec Distribution, expiring between 2032 and 2033 with a weighted average remaining contract duration of nearly 12.5 years.
Boralex paid a cash consideration of $121.5 million to CDPQ, which may be supplemented by a conditional consideration of up to $4 million subject to the settlement of certain future conditions that need to be met. Boralex’s totaled installed capacity now stands at 2,212 MW.
The Des Moulins I wind farm (136 MW) is located in the Appalaches RCM in Quebec. The farm has 59 E-82 wind turbines. Des Moulins II wind farm (21 MW) is located in the Avignon RCM in Gaspésie, Quebec. The farm has nine E-92 wind turbines. Both farms are covered by an existing PPA that expires in December 2033.
Le Plateau I wind farm (139 MW) is located in the Avignon RCM in Gaspésie, Quebec. This park has 60 E-70 E4 wind turbines and is covered by an existing PPA that expires in March 2032.
Each wind farm is funded on a long-term basis through consortiums of international financial institutions. Financing consists of a combination of variable interest rate term loans and notes or fixed rate loans. Project debt as at Sept. 30, totalled $402 million (the 49% equity stake is therefore $197 million).
This post appeared first on North American Windpower.