Boralex puts the grapple on three wind farms

(Montreal) The Borax renewable energy producer will become the sole owner of three wind farms in Quebec territory after agreeing to pay at least 121.5 million to the Quebec Deposit and Placement Caisse (CDPQ) to buy his participation as49 %.

Depending on the terms of the agreement announced on Friday, the Quebec company could also add 4 million if certain conditions are met at the end of the fence.The latter is expected at the end of the month, once the usual approvals have been obtained.

Boralex will fully control the wind farms of mills I and II, located respectively in the MRC of the Appalachians and in Gaspésie, as well as the Wind Park Le Plateau, in Gaspésie, which have nearly 130 wind turbines together.

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"The exploitation of these wind farms has provided the planned synergies and generated results of 10 % higher than our expectations in 2019," said Boralex president and chief executive in a statement, Patrick Lemaire, who will bow outat the end of the year to give way to the vice-president and chief of the Patrick Decostre.

In the wake of the announcement, the title of the Quebec company climbed approximately 3.3 %, or $ 1.25, on the Toronto Stock Exchange, to close at $ 39.22.

Even if it gives up its participation in three projects, the Quebec Depot and Placement Caisse will nevertheless remain the largest shareholder in Borax with a block of around 17.3 %, according to the financial data firm Refinitiv.

Hydro-Québec must buy the energy produced by these three wind farms until 2032 and 2033, according to the contracts in force.The installed power of these projects is 296 megawatts (MW) and the participation held by the CDPQ represented 145 MW.

Boralex had extended 215 million in 2018 to acquire the participations of the American company Invenergy in five wind farms, including those concerned by the transaction announced on Friday.

"The minority participations of the two other projects are held by other entities than the CDPQ," said analyst Bill Cabel, of Desjardins Capital Markets, in a note.It is possible that Borax now wants to get their hands on the 40 % missing in Plateau II (21 MW) and 50 % in Roncevaux (75 MW).»»

Present in the wind, hydroelectric, thermal and solar energy energy sectors, Boralex has built and operating sites in Canada, France, the United States and the United Kingdom.She generated revenues over half a minute dollars last year.