MONTRÉAL—Sustainable energy developer Boralex Inc. has signed a conditional buy/sell option for a 25 per cent economic interest in Enercon’s planned 230-megawatt Niagara Region Wind Farm project.
The total investment planned for this major undertaking is between $900 million and $950 million and Boralex will immediately begin coordination of the project construction phase in partnership with Enercon.
The initial consideration paid by Boralex in connection with the acquisition of this Option will be approximately $5 million, which will primarily consist of a deposit payable to Enercon.
Extending across the Regional Municipality of Niagara, the Township of West Lincoln, the Town of Wainfleet and Haldimand County in Ontario, the Niagara Region Wind Farm project will comprise 77 3-megawatt Enercon turbines.
Boralex will have the obligation to exercise the option if certain financial conditions are met at the time of signature of a project financing agreement. If unexercised at that time, Boralex will be entitled to exercise the option at its discretion following commercial commissioning of the project.