Boralex acquires 90.5MW wind projects in France

Canada based power producer, Boralex, through its subsidiary Boralex Europe has completed the acquisition of 90.5MW wind projects in France for a total value of C$45m ($43.9m).

The company acquired the operational 34.5MWwind farm, St-Patrick, from AES Corp. along with three fully authorised wind projects with a cumulative installed capacity of 56MW from InnoVent, a French company focused in wind power project development.

The St-Patrick wind farm and the three authorised wind projects are located in the Nord-Pas-de-Calais and Picardie regions of the country.

Boralex President and CEO Patrick Lemaire said with this acquisition the company exceeds 500MW in operation, with an installed capacity of nearly 200MW in France.

"This acquisition also allowed Cube Infrastructure Fund to complete its initial financial commitment well ahead of the December 2012deadline," Lemaire added.

"Our European development team is currently finalizing the development projects we just acquired."

Boralex has also entered into a five year development agreement with InnoVent, which secures purchase options for 130MW in additional wind power projects that are being currently developed in France.

Under a long term contract, the electricity generated from the St-Patrick wind farm has been sold to Électricité de France which will expire in 2024 and 2025.

The St-Patrick wind farm was commissioned between July 2009 and February 2010 while the other three projects will be commissioned commercially in the second half of 2013.