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Boralex pockets USD 196m to fund buy of Quebec wind stakes

The Roncevaux wind farm in Quebec. Source: Invenergy (www.invenergyllc.com)

July 12 (Renewables Now) - Boralex Inc (TSE:BLX) has raised CAD 258.8 million (USD 196m/EUR 168m) in public and private placements of subscription receipts, the proceeds of which will be held in escrow pending completion of its previously announced wind acquisition in Quebec.

In June, Boralex said it has agreed to buy the stakes held by Invenergy Renewables LLC in a 201-MW Quebec wind portfoliofor a total cash consideration of CAD 215 million.

The Canadian renewables developer said on Wednesday it has obtained around CAD 207 million gross in a public offering of subscription receipts, selling a total of 10.25 million subscription receipts at CAD 20.20 apiece. An additional CAD 51.8 million gross were raised in a private placement of subscription receipts to Caisse de depot et placement du Quebec (la Caisse), which took 2.56 million receipts at a price of CAD 20.20 each.

La Caisse actually has interests in three of the five wind parks from the target acquisition portfolio and is also an investor in both Boralex and Invenergy.

The wind farms in the portfolio are the 136-MW Des Moulins I, 21-MW Des Moulins II, 139-MW Le Plateau I, 21-MW Le Plateau II and 75-MW Roncevaux parks. All five were commissioned between 2012 and 2016 and operate under a long-term power purchase agreements (PPAs) with Hydro-Quebec Distribution.

(CAD 1.0 = USD 0.758/EUR 0.648)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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