Boralex buys wind farm for $11.5 million


Boralex buys wind farm for $11.5 million

Boralex buys wind farm

 
Northland Power sold its share of the Frampton Community Wind Farm for $11.5 million to Boralex Inc., a company based in the province of Quebec.
 
Boralex President and CEO, Patrick Lemaire, said, “The acquisition of this quality community project sets a new milestone in Boralex’s development in Québec and we look forward to beginning collaboration with the community of Frampton”.
 
The wind farm located in Frampton, Quebec will be comprised of 12 Enercon wind turbines with a total capacity of 24MW. One third of the wind farm is owned by the municipality of Frampton, and the project has a 20-year power purchase agreement with Hydro-Québec. It’s currently in the advanced stages of development and is expected to be operational by the end of this year, 2015.
 
Northland (TSX:NPI) says the sale of this project will help them to realize a return on their investment sooner, and allow them to fund other large-scale projects in their pipeline. The Toronto-based company currently owns or has an interest in over 1,300MW of wind energy capacity in both Canada and Europe, both onshore and offshore.
 
Boralex currently has 30 wind farms and projects in Europe, and 7 in North America. They also invest in hydroelectric, thermal and solar power projects and generates over 940MW of energy combined. Its goal for 2015 is to add another 100MW of power.
 

Posted By Sally on January 14, 2015 | 0 Comment

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