MONTREAL—Boralex Inc. has cleared the way for a big move across the Atlantic.
The company has secured a portfolio of wind power projects from a group of private developers following its signing of an exclusivity agreement last month.
While Boralex did not disclose the financial details of the agreement, the deal includes a portfolio of wind power projects at various stages of development totalling 350 megawatts of capacity. Consisting of 150 MW of projects expected to be commissioned in 2017 or 2018, as well as 79 MW of ready-to-build projects and 150 MW of projects at the advanced stage of development, the company will add to its European footprint significantly with the agreement.
“This acquisition, together with the projects currently under internal development, will grow our French portfolio of development projects to nearly 850 MW,” the Kinsey Falls, Que.-based company, said. “The projects to be commissioned in the next few years will build on the 500 MW Boralex currently operates in France.”
To kick-start construction of the ready-to-build projects, Boralex said an investment of 150 million euro, or $225 million, will be necessary over the next year years. It expects to break ground on the projects in June.