- Boralex Inc. (BLX) closes an agreement to sell a 30 per cent stake in its assets and development pipeline in France to Energy Infrastructure Partners (EIP)
- Cash proceeds to Boralex at transaction close are $717 million
- $23 million of which will be invested into Boralex operations in France
- Results of Boralex in France will be consolidated at 100 per cent into Boralex Inc.
- The partnership includes French assets in operation and a 1.5 gigawatts portfolio
- Boralex Inc. (BLX) is down 1.39 per cent trading at $38.32 per share as of 1:51 p.m. ET
Boralex (BLX) has closed an agreement to sell a 30 per cent stake in its assets and development pipeline in France.
Energy Infrastructure Partners (EIP) will pay $717 million to Boralex at transaction close, $23 million of which will be invested into Boralex operations in France.
Results of Boralex in France will be consolidated at 100 per cent into Boralex Inc. with a 30 per cent minority interest and combined results will be equivalent to consolidated results.
This partnership is intended to enable Boralex to accelerate its growth to meet the ambitious objectives in its strategic plan which are planned for France to increase its installed capacity to 1.80 gigawatts in 2025 and up to 3.00 gigawatts in 2030.
The partnership includes French assets in operation, 1.1.0 gigawatts to date, as well as a 1.5 gigawatts portfolio of projects in the French market.
Boralex remains the majority shareholder and manager of its assets in France.
Boralex has been providing affordable renewable energy accessible to everyone for over 30 years. It also has facilities in the U.S. and development projects in the United Kingdom. Over the past five years, its installed capacity has more than doubled.
Boralex Inc. (BLX) is down 1.39 per cent trading at $38.32 per share as of 1:51 p.m. ET.