- Acquires a 388 MW development portfolio that includes wind, solar and energy storage projects.
- Further financial details of the deal were not disclosed.
Boralex Inc, a Canadian renewables developer, has acquired a 388 MW development portfolio that includes wind, solar and energy storage projects in the UK. Infinergy formerly owned the portfolio, and the Canadian company has now taken full control of a joint venture with the British developer.
The deal involves an acquisition of a 50% stake owned by Infinergy in a joint venture through which the partners own projects of 232 MW. It also includes the purchase of 106 MW of projects that Infinergy owns directly. This transaction means that Bolex can now access the joint venture’s cash flow and revenues and accelerate its project development business in the UK while strengthening its European foothold.
Nine of Infinergy’s employees will join Boralex as a result of the deal. This is only about the operations of Infinergy in the UK, excluding its activities in the Netherlands and Australia. “This transaction will allow us to accelerate organic growth in a high-potential market in addition to contributing to the geographic diversification of our activities, two key elements of our 2025 Strategic Plan,” said Patrick Decotre, president and CEO of Boralex.
In 2017, both companies announced a 50:50 joint venture to develop a pipeline of onshore wind projects, mainly in Scotland. One of the entity’s first projects was the 110-MW Limekiln Wind Farm in northern Scotland, which was approved by the government in May and is scheduled to enter construction in 2023.
Boralex aims to double its installed capacity globally to 4.4 GW by 2025 and reach twice as much between 2025 and 2030.