Nov 8, 2011 - Canada's Boralex Inc (TSE:BLX) said yesterday it had agreed to sell its US wood-residue power plants for USD 93 million (EUR 67.6m) as it seeks to pursue growth in other renewable energy segments.
The buyer of the facilities, whose capacity totals 186 MW, is ReEnergy Holdings LLC, a US company that focuses on the US biomass sector.
After tax, Boralex will receive USD 81 million from the deal. It plans to invest the funds in new projects with long-term contracts, mainly in the wind, hydroelectric and solar sectors, in Canada and Europe.
Following the sale, 96% of Boralex's assets, totalling over 500 MW, will be with long-term contracts.
The deal is subject to US regulatory approval and final due diligence and is expected to be completed by the end of 2011.