Canada’s Boralex expands Europe presence with wind power deals

A portfolio of nearly 200 MW (megawatts) of wind power projects located in France and Scotland as well as the 8,500 hectares of land where the projects will be developed have been recently acquired by Canadian power-producing company Boralex in a sales deal amounting to C$103 million or EUR70 million.

“With this acquisition, Boralex  continues to expand in the French wind power market. The acquisition also demonstrates our willingness to explore new markets and we believe that Scotland, with its very advantageous wind conditions and a political environment generally favorable to renewable energy, including onshore wind power, offers attractive growth opportunities in the medium term,” noted Patrick Lemaire, President and Chief Executive Officer of Boralex.

The transaction covers a 51 MW ready-to-build project in Brittany, France, called the Moulins du Lohan. Construction will start this fall with commissioning slated for the second quarter of 2019. It also includes a 23.5 MW project in Scotland (A Project) at an advanced stage of development as well as 126 MW of projects in Scotland (B Project) at preliminary stages of development.

The total amount of investment required to complete the Moulins du Lohan project is estimated at EUR97 million (C$142 million), and Boralex will continue the study and development of A and B Projects based on the regulatory framework prevailing in Scotland in the medium term.

Boralex will decide in the coming months about the potential sale of the acquired land. Should Boralex decide to do so, all of the real estate rights in favor of Boralex for the future development of wind power projects would be maintained.