Jul 10 2007
Boralex Inc. announces that it has signed an agreement to acquire nine wind farms with an installed capacity of 10 MW each, located in the Windsor region in Ontario.
This agreement will allow Boralex to commercially commission and operate its first wind farms in Canada in 2008. Gengrowth will act as a partner in the development of these Projects. Once completed, these Projects will double the current wind power sector capacity of Boralex.
Patrick Lemaire, President and Chief Executive Officer of Boralex said, « It is with great enthusiasm that Boralex penetrates the Ontario wind energy market. These Projects are in line with our strategic plan as well as the diversification of our activities. Also, this is Boralex's first transaction with Gengrowth and we intend to develop a long term relationship with this partner of quality.
We are delighted to work with the Boralex team. Their invaluable experience, know-how and financial strength will enable our partnership to develop these Projects and create great success stories for all stakeholders involved » said Gengrowth President, Paul Merkur.
Each of these Projects benefits from an electricity sales contract signed within the framework of the Government of Ontario standard offer program. All energy generated by these Projects will be sold to Ontario Power Authority under 20-year contracts. The acquisition of each of these Projects is subject to the fulfilment of certain closing conditions. Boralex is already a major wind energy producer in France with an installed capacity of 89 MW and another 14 MW site under construction.