- Canadian renewable energy company Boralex ( OTCPK:BRLXF ) said Thursday it completed the acquisition of EDF Renewables' interest in five U.S. wind farms for C$339.7 million (US$249.8 million) using its cash resources.
- The acquisition includes wind farms with a total installed capacity of 894 megawatts in Texas and New Mexico, which are expected to bring Boralex's total capacity to 2,956 megawatts worldwide.
- Boralex said there is no existing debt from the projects bought from EDF and the existing tax equity investors will continue to monetize the remaining production tax credits.
- The portfolio includes two projects with 13-year busbar power purchase agreements and one project with a 3-year hub-settled PPA; for a remaining weighted PPA average life of 10 years.
- The purchase is expected to add C$39M (US$28M) to Boralex's 2023 combined EBITDA, and is immediately accretive to AFFO, with a contribution of about C$25M (US$18M) or C$0.24 per share.
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Canada's Boralex buys stake in 5 U.S. windfarms for nearly $250M