Boralex snaps up 338 MW of UK renewables under deal with Infinergy

Canadian renewables developer Boralex Inc (TSE:BLX) has acquired Infinergy’s 338-MW development portfolio of wind, solar and energy storage projects in the UK and taken full control of a joint venture with the British developer.

The deal covers the purchase of Infinergy’s 50% stake in a joint venture through which the partners together own projects of 232 MW, as well as the acquisition of 106 MW of projects owned directly by Infinergy. The move will enable the Canadian firm to gain full access to the joint venture’s cash flows and revenues and speed up its project development business in the UK, while also enhancing its European foothold, it said on Monday.

Financial details about the transaction were kept under wraps.

Nine of Infinergy’s employees will join Boralex as a result of the transaction, which relates only to Infinergy’s UK operations and does not include its activities in the Netherlands and Australia.

"This transaction will allow us to accelerate 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 CEO of Boralex.

Infinergy and Boralex announced a 50:50 joint venture in 2017 to develop a pipeline of onshore wind projects, mainly in Scotland. One of the entity’s first projects was the 110-MW Limekiln Wind Farm in northern Scotland, which was approved by the government in May and is scheduled to enter construction in 2023.

Boralex aims to double its installed capacity globally to 4.4 GW by 2025 and reach twice as much between 2025 and 2030.

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