Boralex Inc., which develops, builds and operates renewable energy power facilities in Canada, France and the U.S., has confirmed that it will be exercising its option to acquire a 25% economic interest in the 230 MW Niagara Region wind farm in Ontario.
The signature of the option was previously announced by the corporation on June 8, 2015.
As reported, the closing and pricing of the project financing were announced today by Enercon; based on the final terms contained therein, Boralex has determined that all conditions related to the option have been met. Boralex and Enercon have agreed that the exercise of the option would take place on or before Dec. 31, subject to the parties successfully negotiating and entering into definitive agreements and fulfilling the closing conditions.
Majority-owned by Enercon Canada Inc., the Niagara Region wind project will be powered by 77 of Enercon’s 3 MW turbines, spread out across the regional municipality of Niagara and Haldimand County. According to Boralex, the total investment of the project is between C$900 million and C$950 million.
Date: Nov 3, 2016