MONTREAL and PARIS, July 04. 2022 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to announce that it has completed the acquisition of Infinergy’s UK interests. The transaction includes Infinergy’s portfolio of development projects and its 50% interest in a joint venture formed with Boralex in 2017, as well as the integration of the Infinergy team – 9 employees based in two offices in the United Kingdom – to Boralex.
- Acquisition of 100% of Infinergy Ltd., which owns a portfolio of 338 MW of wind, solar and energy storage projects, including 232 MW held by the joint venture with Boralex and 106 MW held directly by Infinergy.
- The acquisition includes Infinergy’s 50% interest in the joint venture with Boralex. Boralex was already consolidating the 232 MW held by the joint venture since it had control of the company. However, this agreement will allow Boralex to access 100% of the joint venture’s cash flows.
- Infinergy’s team of 9 employees will join Boralex, which will accelerate the development of projects, including projects currently under study in the high-potential UK market.
The transaction will allow Boralex to fully benefit from revenues and optimization initiatives related to the future operation of projects under development and ready to be built, including the Limekiln wind farm.
Boralex and Infinergy have been co-developing a portfolio of onshore wind projects in a 50/50 joint venture since 2017. Through the transaction, Boralex gains full access to a 338 MW project portfolio.
This acquisition gives Boralex the opportunity to strengthen its European presence in markets with strong development potential. Its strategic plan calls for doubling its installed capacity worldwide to 4.4 GW by 2025 and doubling that capacity again between 2025 and 2030.
“This transaction will allow us to accelerate our organic growth in a high-potential market in addition to contributing to the geographic diversification of our activities, two key elements of our 2025 Strategic Plan,” said Patrick Decotre, President and Chief Executive Officer. from Boralex.
“Based on the fact that Scotland benefits from a very favorable political climate for the development of renewable energies, we have identified the UK market as a high potential target for the development of onshore wind, solar and energy storage installations. . We are convinced that Boralex will be able to rely on its experience as a developer and operator of wind farms to continue the quality work initiated by the staff of Infinergy, whom I warmly welcome to the Boralex team.” , declared Nicolas Wolff, Vice-President President and General Manager of Boralex, Europe.
Note that control of Infinergy’s activities in the Netherlands and Australia will remain unchanged and is not covered by the agreement.
Infinergy, Boralex’s new development platform in the United Kingdom
This transaction will also bring the Infinergy team, made up of 9 employees based in Wimborne, England, and Edinburgh, Scotland, into the Boralex team. Boralex will benefit from the expertise of a team that has been developing energy projects for 19 years and has successfully completed approximately 300 MW of projects in the United Kingdom.
Esbjörn Wilmar, CEO of Infinergy Ltd., said: “Having worked with Boralex in the UK for the past five years, we are delighted to now be full members of the Boralex team. Joining forces will further strengthen our combined capabilities to develop, build and operate renewable energy projects in the UK and we look forward to completing our growing portfolio of projects. Besides onshore wind, we will further develop our project portfolio with solar and battery storage developments. »
Limekiln: the flagship wind project of this agreement
Symbol of the first years of the Infinergy-Boralex joint venture, the Limekiln wind farm is one of the most advanced projects of the agreement. In May 2022, this newly optimized project received planning permission for 110MW of capacity, enough to power more than 96,000 UK homes. The transaction will see Boralex acquire all of Infinergy’s shares in the Limekiln project, which is scheduled for construction in 2023.
Caution Regarding Forward-Looking Statements
Certain of the statements contained in this press release, including those regarding the transaction with Infinergy, the benefits of the transaction, revenue and optimization initiatives and Boralex’s strategic plan are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise indicated by the Company, forward-looking statements do not take into account the possible impact on its business of transactions, non-recurring items or other exceptional elements announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required to do so under applicable securities laws, Boralex management assumes no obligation to update or revise forward-looking statements to reflect new information, future events or other changes. .
At Boralex, we have been providing renewable energy that is affordable and accessible to everyone for more than 30 years. As a leader in the Canadian market and the first independent producer of onshore wind power in France, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to 2.5 GW. We are developing a portfolio of more than 3 GW of wind and solar projects and nearly 200 MW of storage projects, guided by our values and our approach to corporate social responsibility (CSR). Through profitable and sustainable growth, Boralex actively participates in the fight against global warming. Through our fearlessness, discipline, expertise and diversity, we continue to be an industry leader. Boralex shares are listed on the Toronto Stock Exchange under the symbol BLX.
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Infinergy is a UK-based renewable energy company, active in the UK, the Netherlands and Australia, with a strong focus on the development of onshore wind energy in Scotland. Infinergy develops wind and solar energy projects from concept to construction and operation. In the United Kingdom, we develop most of our projects in close collaboration with Boralex. For more information visit http://www.infinergy.co.uk.
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Source: Boralex Inc.