Boralex acquires 24 MW Quebec wind project
The yet-to-be constructed project is covered by a 20-year power sales contract with Hydro Quebec.
MONTRÉAL — Boralex Inc. has acquired the equity interest owned by Northland Power Inc. in the Frampton community wind power project, which has a total capacity of 24 megawatts.
Owned by the municipality of Frampton at 33.3% and, after closing of the transaction, by Boralex at 66.7%, the Frampton project will be located on private lands in the Chaudière-Appalaches region in Québec. Once constructed, Frampton will consist of 12 Enercon E-82 wind turbines and is covered by a 20-year power sales contract with Hydro-Québec.
Construction will begin in the first quarter of 2015 to commission the project by year’s end. The project is expected to require an investment of up to $80 million. The quality of the wind resource at the site suggests an average utilization factor of approximately 40%, which Boralex said should allow the project to generate earnings of up to $9 million annually.
The acquisition remains subject to certain closing conditions.
Boralex is a power producer whose core business is the development and the operation of renewable energy power stations. It currently operates an asset base with an installed capacity of more than 940 MW in Canada, France and the US.