MONTREAL, October 17, 2017 /PRNewswire/ --
Renewable energy developers Boralex Inc. (TSX: BLX) from
Canada and UK-based Infinergy are
pleased to announce the execution of a 50-50 joint venture
agreement, aimed at developing a pipeline of onshore wind projects
essentially located in Scotland
for a total estimated capacity of 325 MW.
The joint venture comprises a pipeline of 10 wind projects
varying from 6 to 80 MW and would allow Boralex to acquire or
resell the projects over the coming years. The projects are at
different stages of development, from early stage to being on the
verge of full authorization.
"With Scotland's strong political will to support the growth of
all its renewable energy sources, we are excited to start working
with our new partners Infinergy," said Patrick Lemaire, President and Chief Executive
Officer of Boralex. "We are confident that Boralex will be able to
contribute its unparalleled experience as a wind developer to
complement Infinergy's. We share the common objectives to develop,
build and operate as many projects as possible over the next 5 to 7
years."
"Working together with Boralex enables Infinergy to continue its
successful track record of developing onshore wind energy projects,
said Esbjörn Wilmar, Chief Executive of Infinergy Ltd. We are very
pleased to team up with a new partner who shares our positive
outlook on renewable energy in general and the opportunities for
onshore wind in Scotland in
particular."
Infinergy has delivered more than 350 MW of onshore wind
projects in the UK, achieving an 80% success rate to date. To
achieve the development phase of the projects, Boralex and
Infinergy have committed to investing a total of £6.6m
($Cdn 10.9M) until the end of 2019
(£5.5m for Boralex or $Cdn 9.1M).
With close to 70 MW of other wind projects already being developed
by Boralex in Scotland, this joint
venture allows the company to materially increase its future
footprint as well as taking advantage of the significant Scottish
wind resource. Infinergy will act as the principal developer of the
joint venture projects.
The joint venture reaffirms Boralex's belief in the long-term
sustainability for wind and renewable energy development in
Europe. Facing declining state
subsidies for wind energy all around Europe, the choice to focus on Scotland, knowing it possesses the most
favorable wind conditions in Europe, made it very logical both
strategically and tactically.
K&L Gates LLP (London &
New York) acted as legal advisor
for Boralex. Pinsent Masons LLP acted as legal advisor and JLL
Limited as financial advisers for Infinergy.
About Boralex
Boralex develops, builds and operates renewable energy power
facilities in Canada, France and the
United States. A leader in the Canadian market and
France's largest independent
producer of onshore wind power, the Corporation is recognized for
its solid experience in optimizing its asset base in four power
generation types - wind, hydroelectric, thermal and solar. Boralex
ensures sustained growth by leveraging the expertise and
diversification developed over the past 25 years. Boralex's shares
and convertible debentures are listed on the Toronto Stock Exchange
under the ticker symbols BLX and BLX.DB.A, respectively. More
information is available
at http://www.boralex.com or http://www.sedar.com.
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About Infinergy
Infinergy is an independent, privately owned renewable energy
company with a strong track record in the development, financing,
construction and operation of renewable energy projects. Infinergy
is active in the UK, The
Netherlands and Australia
in both onshore wind and solar projects. Infinergy has a successful
track record of over 10 years developing projects on both
greenfield sites (for example arable and pastoral lands and
forestry) as well as brownfield sites (for example industrial sites
and harbours). For more information please visit
http://www.infinergy.co.uk. Follow us
on Facebook, LinkedIn and Twitter.
Boralex, Media Investors, Julie
Lajoye, Advisor, Public Affairs and Communications, Boralex
Inc., 514 985-1327, julie.lajoye@boralex.com; Marc Jasmin, Director, Investor Relations,
Boralex Inc., 514 284-9868, marc.jasmin@boralex.com; Infinergy,
Marlies Koutstaal, Communications
Manager, Mobile : 07876 341 561, Email :
m.koutstaal@infinergy.co.uk