Boralex has completed the acquisition of a 200MW portfolio of windpower projects in France and Scotland, as well as around 8,500ha of land for construction.
The CAD103m (€70m) deal includes a 23.5MW project in Scotland and a 51MW ready-to-build project in Brittany, France.
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The project in Scotland is at an advanced stage of development, while construction of the Brittany project will start this year with commissioning expected in Q2, 2019. The total investment needed to complete the project in France is estimated at €97m.
Other projects in Scotland also included in the deal are at preliminary stages of development.
Over the next few months, Boralex will consider the potential sale of its acquired land. If the firm makes a decision, then real estate rights in favour of the company for the future development of wind power projects will be maintained.
Boralex has made the acquisition using its existing revolving credit facility and cash resources. It is also in advanced talks with BNP Paribas regarding a 24-month bridge loan of almost €45m, expected to close by the end of this month.
