Boralex Acquires 50% Stake in Five Wind Farms with 894 MW Capacity
The company’s total installed capacity worldwide stands at 2,956 MW
EDF Renewables’ interest in the wind farms comes to 447 MW of installed capacity. With the latest acquisition, Boralex’s total installed capacity worldwide will increase to 2,956 MW.
Over the past five years, the Quebec-based company has more than doubled its installed capacity to 3 GW. It is developing a portfolio of close to 4 GW of wind and solar projects and close to 800 MW in storage projects.
Three of the wind farms have long-term PPAs with well-established off-takers. The other two wind farms are in strong and stable merchant markets, and with the current condition of inflation, some merchant exposure will be complementary to the power purchase agreements, Boralex said.
Patrick Decostre, President and Chief Executive Officer of Boralex, said that the acquisition represents the company’s entry into the ERCOT (Electric Reliability Council of Texas) and SPP (Southwest Power Pool) markets.
Commissioned between 2014 and 2016, EDF Renewables developed and built all five wind farms utilizing Tier 1 turbine manufacturers.
“Considering EDF Renewables’ extensive development capabilities throughout North America, divestures provide an opportunity to rebalance our portfolio of owned assets,” said Luis Silva, Chief Financial Officer, EDF Renewables.
EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables is a subsidiary of EDF Renouvelables, the dedicated renewable energy affiliate of the EDF Group.
Last July, Boralex acquired Infinergy’s interests in the UK. The transaction included Infinergy’s portfolio of projects in development and its 50% interest in a joint venture formed with Boralex in 2017. The two companies have developed a portfolio of onshore wind projects in a 50/50 joint venture.
In June 2022, EDF Renewables North America announced that its three solar plus energy storage projects were awarded long-term contracts by the New York State Energy Research and Development Authority for 1 GW of solar and storage projects.
The National Renewable Energy Laboratory (NREL) in August 2022 released two new data sets which found that more than enough land is available to support solar, and wind development in the United States.