March 19 (Renewables Now) - Canada’s Boralex (TSE:BLX) has decided to exercise an option to sell its interest in the Vents de Dunkerque consortium -- one of the tie-ups vying for the 500-MW offshore wind zone off the coast of Dunkirk, northern France.
The Canadian firm announced on Monday the option entitles it to sell its stake to its other partners within the consortium, namely Dutch utility Eneco, compatriot Van Oord and Diamond Generating Europe, a unit of Mitsubishi Corp (TYO:8058). Its decision is based on certain changes in the tender’s competitive conditions and risk profile, which have prompted the developer to conclude its partnership interest no longer satisfies its investment criteria.
Boralex will exercise its option immediately after the tender has been “definitively awarded,” and once it has the right to, in line with the tender rules, French state rules and agreements of the consortium. It will remain part of the consortium until it sells its shareholding and will continue to participate in the development of the project following its exit.
A winner in the tender is expected to be selected in mid-2019, with the goal of commissioning the wind farm in 2022.
Among the other parties planning to bid for the right to develop the Dunkirk zone are the Dunkerque Eoliennes en Mer consortium, formed by E.on SE (ETR:EOAN), Engie (EPA:ENGI) and EDP Renewables, and an industrial partnership named Moulins de Flandre, comprising oil major Royal Dutch Shell Plc (AMS:RDSA), France’s Quadran and Belgian marine contractor DEME. Denmark’s Ørsted A/S (CPH:ORSTED) and French oil and gas giant Total (EPA:FP) have joined Belgium's Elicio to also launch a joint bid in the competition.