MONTREAL, July 16 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") announces that it has signed, through its French subsidiary, an acquisition contract to build and operate an 8-MW wind farm in the department of the Somme in France (the "Project"). The total investment will be C$24 million (15.2 million euros). Project financing will be subject to the terms and conditions of the master agreement with BNP Paribas and project execution will be subject to standard closing conditions for the Project and the master agreement.
The Project will consist of four wind turbines, each with a capacity of 2 MW, which could be upped to 2.3 MW depending on the type of turbine provided. All power will be sold to Electricite de France under long-term contracts with a duration of 15 years. Commercial start-up is slated for the second quarter of 2010.
"This acquisition will bring Boralex's total wind power capacity in France to close to 120 MW. It also demonstrates Boralex's ability to successfully conclude acquisition and financing arrangements despite the current economic conditions and tight credit on world markets," said Patrick Lemaire, President and Chief Executive Officer of Boralex Inc.
Boralex is a major private electricity producer whose core business is the development and operation of power stations that run on renewable energy. Employing over 300 people, the Corporation owns and operates 22 power stations with a total installed capacity MW of 365 MW in Canada, in the Northeastern United States and in France. In addition, the Corporation has more than 300 MW of power projects under development. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. www.boralex.com
Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Quebec and the United States. These sites are managed by Boralex.