Boralex Inc. and its new European partner Cube Infrastructure Fund (CUBE) have acquired three wind farms in France, increasing Boralex's installed wind power capacity in Europe to 170 MW.

Two of the acquired wind farms are now being built: the 30 MW wind site in Plateau de Ronchois (Enercon wind turbines), in the Picardie and Normandie regions; and the 10 MW wind site at Grand Camp (Enercon wind turbines) in the Centre region. The third wind farm, the 7 MW Bel Air site (Nordex turbines), which has been in operation since December 2006, is in Brittany.

"This acquisition again demonstrates Boralex's ability to take advantage of opportunities as they arise in the French market. It also gives us an opportunity to leverage our partnership with CUBE. Boralex is a key player in the French wind power market," said Patrick Lemaire, President and Chief Executive Officer of Boralex Inc.

The total investment for this transaction amounts to approximately C$115 million ((euro)73 million). The financing obtained will account for close to 78% of the total investment for the two facilities under construction and gives Boralex access to funds for 15 years, at an average interest rate of about 5.5%. Moreover, the equity contribution came from the participation and the capital injected by CUBE. The Bel Air wind farm is already financed by a French bank.

"Once these facilities are built, the wind power segment will total more than 210 MW in the Boralex portfolio, making it the highest in installed capacity. This development, initiated in 2002, is directly related to our strategic plan and our long-term objectives," said Mr. Lemaire.

Tags: Boralex Inc.