Montréal, Québec based Boralex Inc. has acquired the 32 MW La Vallée wind power project in Indre, France.
The project, which was purchased through subsidiary Boralex Europe S.A., was initially developed by Gamesa. As a result, the wind farm is comprised of 16 Gamesa G90 wind turbines.
“With this project, Boralex exceeds the threshold of 200 MW of contracted capacity in the wind power segment in France," said Boralex CEO Patrick Lemaire. "Despite economic turbulence in Europe, Boralex is once again setting itself apart and staying the course with its growth strategy in France, one of our primary targeted markets.”
Long term project financing will be provided by a banking consortium made up of OSEO, Crédit Coopératif and Crédit Mutuel ARKEA.
The signing of the financing documents and the fulfilling of the standard closing conditions are scheduled for mid-December 2012.
Boralex expects the La Vallée wind power farm to start operating by the end of 2013.
All the energy produced will be sold to Électricité de France under a long-term contract with a 15-year term.