➢ Installed capacity: 65 MW
➢ Wind turbines: 17 Vestas V126 with a unit capacity of 3.8 MW
➢ Equivalent to the annual energy needs of 60,000 French residents
➢ Winning project of the CRE (Commission de Régulation de l’Énergie) call for tenders in period 7 (November 2020).

Culmination of a long development process

“The Moulins du Lohan wind farm project reflects the challenges of deploying renewable energy in France,” said Nicolas Wolff, Executive Vice President and General Manager, Europe, at Boralex. “At each stage of development, we were able to demonstrate that the project was sound, yet it still took more than 10 years to see it through to fruition. There is a need to simplify the procedures governing the development of renewable energy if the objectives of France’s multi-year energy program, the PPE, are to be met. Renewables are key to decarbonizing our society. That principle is central to the new law aimed at accelerating the deployment of renewable energies, for which we have high expectations.”

Territorial cooperation and drive

Brittany currently imports 85% of its electricity, half of which is fossil-fuel-based. The region also has the second-largest wind energy resource in France. It has indicated its willingness to help address the local energy transition, including in its adoption of the 2010 Pacte Électrique Breton. The Moulins du Lohan wind farm brings new green energy production capacity to a region that needs it. It was built in 17 months, thanks to close cooperation among local elected officials, government services and RTE, France’s transmission system operator.

“Once authorization is granted, renewable energies have the advantage of rapid deployment, meaning that they can play a strategic role in the implementation of new green, competitive sources of energy production. We were able to install the Moulins du Lohan wind farm in record time in the midst of an energy crisis and for that my thanks go to the Boralex teams and other stakeholders, especially RTE, who all joined forces to get this asset installed,” added Nicolas Wolff.

“As an industrial operator in the energy transition, RTE is optimizing and transforming its network to connect electricity production facilities. Faced with the tensions encountered this winter regarding France’s electricity supply, the mobilization of RTE teams has enabled the connection of the 65 MW Moulins du Lohan wind
2
farm. This effort has made it possible to receive the first electrons produced by the wind turbines on the grid by the end of 2022,” said Carole Pitou Agudo, Regional Delegate for RTE West.
A site fitted to its surroundings

The wind farm was developed with local environmental and landscape sensitivities in mind. Lanouée Forest, a forestry site that hosts the wind farm, covers almost 4,000 ha. The wind farm occupies 0.3% of that area, 11.4 ha, which will be replanted with deciduous species covering an area of 12.25 ha. Project construction was adapted and carried out in line with an environmental strategy aimed at maintaining the forest’s biological functions, respecting its multiple uses, and implementing measures that add value to the forest ecosystem. The same strategy will continue to apply throughout the wind farm’s operating phase.

Boralex passes the 3000 MW milestone in installed capacity

Getting this wind power site operational is all the more important as it marks Boralex’s surpassing of 3 GW installed capacity worldwide. “The achievement of this significant milestone and our accelerated growth confirm we are on track to meet our development objectives for 2025. I thank and commend the work of our teams, all of whom without exception have played a role in this accomplishment. Essential to our success has been the trust and cooperation shown by our partners, our investors, and the communities that host our projects,” said Patrick Decostre, President and Chief Executive Officer, Boralex.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to 2.5 GW. We are developing a portfolio of more than 3 GW in wind and solar projects and nearly 200 MW in storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

The project increased the sites capacity by 50%

Boralex has commissioned the Bougainville wind farm after its successful repowering.

The repowering has increased production by more than 50% by replacing its six turbines with next-generation Vestas V126 wind turbines, for an upgraded installed capacity of 18MW.

Originally commissioned in 2005, the project in the French department of Somme (Hauts-de-France region) has been operated by Boralex since 2018.
The Bougainville wind farm is the first wind energy asset in the Somme department to have its equipment repowered.

The old turbines have a recyclability rate of over 90% and will find a new life on the European second-hand market. All the material recovered from the foundations (concrete and steel) has been sent to the appropriate recycling channels for reuse in the construction and public works sector.

Nicolas Wolff, Executive Vice President and General Manager of Boralex, Europe, noted: “In the midst of the energy crisis, repowering wind farms makes sense.

“Given the positive environmental impact, the production gains from technological advancements, the extension of our engagement with territories accustomed to wind power and the rapid speed of deployment, wind farm repowering is a concrete response to the government’s stated aim of accelerating renewable energy production.

“This is further proof that renewable energies, which are competitive and protect the purchasing power of the French population, are the key to France’s energy challenge.”

Source: renews

Boralex adds 600 MW of energy storage projects and 111 MW of wind and solar projects to its project pipeline in the third quarter

Corporation well positioned to seize growing opportunities in key markets

For more information please see below link:

Boralex Announces Agreements to acquire Interests in Seven Solar Plants in the United States for CA$283M (US$216.5M)

Montréal, Québec: Boralex Inc. (TSX: BLX) (“Boralex” or the “Corporation”) is pleased to announce that Boralex US Solar CIA LLC, a wholly owned subsidiary of the Corporation, has entered into binding agreements with Centaurus Renewable Energy LLC (“CRE”) and certain other investors to acquire their controlling interests in seven solar plants, located in the United States, for a purchase price of $CA283 million (US$216.5 million).  CRE and other investors will retain certain non-controlling interests in the assets resulting in total net installed capacity to Boralex of 118 MWac.

The operating solar plants totaling 209 MWac of gross installed capacity, located in the City of Five Points, the City of Huron, Kettleman City, the City of Lancaster and the City of Newman, California; Chambers County, Alabama; and Indianapolis, Indiana, were commissioned between 2014 and 2017. The assets benefit from long-term Power Purchase Agreements (“PPAs”) with the Regents of the University of California, Alabama Power Company, PG&E, Southern California Edison, City of Palo Alto, and Indianapolis Power & Light, expiring between 2029 and 2046 with a remaining weighted average of more than 21.5 years on the PPAs.

Closing of the transaction is currently anticipated to occur on or before December 31, 2020, subject to the satisfaction of usual closing conditions, including receipt of FERC approval for the Lafayette and Five Points assets. The PPA of the Lafayette asset contains a right of first refusal in favor of Alabama Power, pursuant to which the CRE interest in Lafayette can be acquired by Alabama Power within sixty days of being notified of a third-party binding offer by matching the proposed purchase price. Boralex does not know whether Alabama Power intends to exercise such right or not. The acquisition of the interest in this specific asset is therefore subject to the waiver or expiry of this right.

“The acquisition of Centaurus’ interest in seven solar plants will mark Boralex’s entry into the California, Alabama, and Indiana markets. The acquisition of interests in these high-quality assets secured by long term contracts is perfectly aligned with the growth and diversification orientations of our 2023 strategic plan. We are extremely pleased with the stable stream of cash flow and strong growth potential this transaction is bringing to Boralex. This transaction will be accretive to discretionary cash flow (AFFO) per share in the first year and will be a springboard to further development in these new regional energy markets for Boralex, especially California” said Patrick Lemaire, President and Chief Executive Officer of Boralex.

Highlights[1]

• Acquisition price: CA$283M (US$216.5M)
• Debt financing covering about 75% of the acquisition price to be put in place
• Adds 118 MWac net power to Boralex’s installed capacity
• Long term contracts with a remaining weighted average duration of more than 21.5 years
• Expected combined EBITDA (US GAAP) contribution: around CA$20M (US$15M)
• Accretive to discretionary cash flow (AFFO) per share in the first year with expected AFFO of about CA$4M (US$3M) or $0.03 per share, a 3 % increase over the consolidated amount generated by Boralex in 2019

“We are excited to announce these agreements to acquire interests in this portfolio of solar plants, which offers a good seasonal complement to our wind and hydro assets as well as predictable cash flows.  Upon closing, Boralex will become the new managing member of the sites and, over time, we will implement various strategies expected to increase the results for Boralex ” added Patrick Decostre, Vice President and Chief Operating Officer of the corporation.

Expected Synergies

• Assets optimization through improved operating and maintenance work
• Accretive retrofits and repowering potential given high PPA prices, PPA flexibility and long remaining PPA terms
• Springboard to our participation in the growth of these new regional energy markets, with a focus on California where Boralex sees additional potential development which could be done, among others, with the resources to be deployed for the assets to be acquired
• Potential addition of storage in California
• Operational experience improving the competitiveness of greenfield development

Description of the Assets

The assets are comprised of the following:

• Lafayette solar plant (79 MWac) (“Lafayette”) is located in Chambers County, AL and the sponsor equity is currently owned by CRE (59%) affiliates of Global Atlantic Financial Group (40%) and a minor investor (1%). Lafayette was commissioned in December 2017 and has a PPA in place with Alabama Power Company, expiring in December 2045, and has third-party tax equity;
• Five Points solar plant (60 MWac) (“Five Points”) is located in Five Points, CA and the sponsor equity is currently owned by CRE (50%) and affiliates of Global Atlantic Financial Group (50%). Five Points was commissioned in October 2016 and has a PPA in place with the Regents of University of California, expiring in October 2041, and has third-party tax equity;
• Kettleman solar plant (20 MWac) (“Kettleman”) is located in Kettleman City, CA and is currently owned by CRE (50%) and affiliates of Global Atlantic Financial Group (50%). Kettleman was commissioned in August 2015 and has a PPA in place with the City of Palo Alto, expiring in August 2040, and no longer has any third-party tax equity;
• Frontier solar plant (20 MWac) (“Frontier”) is located in Newman, CA and the sponsor equity is currently owned by CRE (50%) and affiliates of Global Atlantic Financial Group (50%). Frontier was commissioned in July 2016 and has a PPA in place with the City of Palo Alto, expiring in July 2046 and has third-party tax equity;
• Westlands solar plant (18 MWac) (“Westland”) is located in Huron, CA and is currently owned by CRE (65.5%) and affiliates of Global Atlantic Financial Group (32.5%) and a minority investor (2%). Boralex will acquire 50% of the Total Class B interests leaving CRE with 15.5%. Westland was commissioned in January 2014 and has a PPA in place with PG&E, expiring in February 2034, and does not have any third-party tax equity;
• Lancaster solar plant (3 MWac) (“Lancaster”) is located in Lancaster, CA and is currently owned by CRE (100%). Lancaster was commissioned in December 2014 and has two PPAs in place with Southern California Edison, expiring in December 2034 and does not have any third-party tax equity; and
• IMS solar plant (9 MWac) (“IMS”) is located in Indianapolis, IN and is currently owned by CRE (100%). IMS was commissioned in July 2014 and has a PPA in place with Indianapolis Power & Light, expiring in July 2029, and no longer has any third-party tax equity.

About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex ensures sustainable growth by leveraging the expertise and diversification developed over 30 years. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol “BLX”.

MONTRÉAL and LYON, France: Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to announce the closing of agreements to refinance almost all of its wind farm operations in France, for a total of $1.7 billion (€1.1 billion), divided among three credit agreements maturing respectively in 2034, 2036 and 2040. This is the largest refinancing agreement in the renewable energy sector in France and without question the largest refinancing arrangement ever for Boralex.

The transaction immediately makes available financial resources totalling more than $178 million (€123 million), achieved primarily by grouping together assets that were previously financed individually through 30 different credit agreements. This amount will be used to reduce Boralex’s existing corporate credit facility, resulting in greater capacity to fund the development of future projects across the Corporation.

In addition to the amount made available in the corporate credit facility, the financing includes $200 million (€140 million) for the construction of short-term projects. Furthermore, an additional $180 million (€125 million) tranche to finance the construction of future projects should become available in early 2020 once the necessary documents have been finalized. Beyond the benefits stemming from the more favourable market conditions, this new revolving tranche will accelerate the development of Boralex’s future projects. When built, these projects will be added to the portfolio of projects benefiting from the terms of the refinancing arrangement.

Taking advantage of the very good conditions on the European debt market, this refinancing arrangement reduces Boralex’s average interest rate for these assets and projects by 95 basis points, from 2.70% to 1.75%. This rate reduction, coupled with the optimization of its capital structure, will reduce the Corporation’s consolidated annual interest expense by $15 million (12%).

Lastly, estimated net non-recurring expenses of $17 million (€12 million) related mainly to penalties for early repayment will be recorded in the 2019 fourth quarter results.

“This refinancing is a major step forward that will free up significant financial resources and reduce the cost of implementing our strategic plan,” said Bruno Guilmette, Vice President and Chief Financial Officer of Boralex. “This refinancing operation increases our financial flexibility and creates an even stronger bond with our European financial partners, who have all expressed great confidence in our leadership and business model, for which I thank them.”

“I’d like to thank the banks and our advisors for being such solid partners in this complex undertaking,” said Nicolas Wolff, Vice President and General Manager of Boralex Europe. “The success of this refinancing arrangement, the largest in the renewable energy and wind sectors in France, is an expression of confidence in the future of Boralex and more broadly in the renewable energy sector.”

Having had a special relationship with the Boralex Group for many years, it was natural for the CIC, Bpifrance, Crédit Agricole, represented by Crédit Agricole Corporate and Investment Bank and Unifergie, along with the Caisse Régionale Nord de France, CaixaBank, and La Banque Postale to jointly arrange the financing for this transaction. They were pleased to assist Boralex in the optimization of its operations and to thereby contribute to the Corporation’s future development in the fast-growing renewable energy market in France: “We are delighted to take part in this milestone transaction for the future of Boralex that will support the ambitions of this major player in France’s energy transition.”

Law firms De Pardieu, Brocas, Maffei and Linklaters LLP as well as financial advisors Messier Maris, Ester and KPMG made a significant contribution to the success of this historic transaction.

About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex ensures sustained growth by leveraging the expertise and diversification developed over the past 25 years. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. More information is available at www.boralex.com or www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.

Source: Boralex Inc.

Montréal, Canada and Lyon, France: Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to announce the closing of agreements to refinance almost all of its wind farm operations in France, for a total of $1.7 billion (€1.1 billion), divided among three credit agreements maturing respectively in 2034, 2036 and 2040. This is the largest refinancing agreement in the renewable energy sector in France and without question the largest refinancing arrangement ever for Boralex.

The transaction immediately makes available financial resources totalling more than $178 million (€123 million), achieved primarily by grouping together assets that were previously financed individually through 30 different credit agreements. This amount will be used to reduce Boralex’s existing corporate credit facility, resulting in greater capacity to fund the development of future projects across the Corporation.

In addition to the amount made available in the corporate credit facility, the financing includes $200 million (€140 million) for the construction of short-term projects. Furthermore, an additional $180 million (€125 million) tranche to finance the construction of future projects should become available in early 2020 once the necessary documents have been finalized. Beyond the benefits stemming from the more favourable market conditions, this new revolving tranche will accelerate the development of Boralex’s future projects. When built, these projects will be added to the portfolio of projects benefiting from the terms of the refinancing arrangement.

Taking advantage of the very good conditions on the European debt market, this refinancing arrangement reduces Boralex’s average interest rate for these assets and projects by 95 basis points, from 2.70% to 1.75%. This rate reduction, coupled with the optimization of its capital structure, will reduce the Corporation’s consolidated annual interest expense by $15 million (12%).

Lastly, estimated net non-recurring expenses of $17 million (€12 million) related mainly to penalties for early repayment will be recorded in the 2019 fourth quarter results.

“This refinancing is a major step forward that will free up significant financial resources and reduce the cost of implementing our strategic plan,” said Bruno Guilmette, Vice President and Chief Financial Officer of Boralex. “This refinancing operation increases our financial flexibility and creates an even stronger bond with our European financial partners, who have all expressed great confidence in our leadership and business model, for which I thank them.”

“I’d like to thank the banks and our advisors for being such solid partners in this complex undertaking,” said Nicolas Wolff, Vice President and General Manager of Boralex Europe. “The success of this refinancing arrangement, the largest in the renewable energy and wind sectors in France, is an expression of confidence in the future of Boralex and more broadly in the renewable energy sector.”

Having had a special relationship with the Boralex Group for many years, it was natural for the CIC, Bpifrance, Crédit Agricole, represented by Crédit Agricole Corporate and Investment Bank and Unifergie, along with the Caisse Régionale Nord de France, CaixaBank, and La Banque Postale to jointly arrange the financing for this transaction. They were pleased to assist Boralex in the optimization of its operations and to thereby contribute to the Corporation’s future development in the fast-growing renewable energy market in France: “We are delighted to take part in this milestone transaction for the future of Boralex that will support the ambitions of this major player in France’s energy transition.”

Law firms De Pardieu, Brocas, Maffei and Linklaters LLP as well as financial advisors Messier Maris, Ester and KPMG made a significant contribution to the success of this historic transaction.

About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex ensures sustained growth by leveraging the expertise and diversification developed over the past 25 years. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX. More information is available at www.boralex.com or www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.

Source: boralex

Esbjorn Wilmar, Managing Director of Infinergy said: “We are delighted that the Scottish Government has given consent to Limekiln Wind Farm. We always knew that the site was an excellent one, and would ultimately prove its credentials, which includes being sited outside a Wild Land Area, through the planning process.”

“The Limekiln Wind Farm is our first project in Scotland, and we are delighted to be making our first step in diversifying our portfolio across Europe,” said Patrick Lemaire, Boralex’s President and Chief Executive Officer. “We believe this project will contribute to reduce carbon emissions to help meet the Scottish Government’s ambitious electricity generation targets and also provide significant investment and economic benefits to the local area as well as helping address the very real climate emergency we all face. We look forward to taking this project forwards toward the next steps of financing, construction and operation.”

In order to optimize the financing of this project, Infinergy and Boralex are exploring signing corporate power purchase agreements (PPA).

Located 2.8km South/Southwest of Dounreay Power Station, the proposal consists of 21 turbines and has a grid connection contract in place for 90 MW. Infinergy and Boralex will use the coming months to determine the most suitable turbine for this location, making use of the latest progress in wind turbine technology. Full construction works are envisaged to start in 2021 and we expect the site to be fully operational before the end of 2022. The wind farm will provide sufficient electricity to meet the needs of at least 39,500 homes based on the average generation mix of UK power sources.

Limekiln Wind Farm comes with a community benefit fund of £5000 ($CAN 8,400) per MW of installed capacity, equating to at least £315,000 ($CAN 529,000) per year or nearly £8 million over the lifetime of the development (based on 3 MW turbines). In addition, up to 10% of the project will be made available to the local community as a shared ownership opportunity, giving the potential to increase the economic value of the wind farm across Caithness.

Infinergy and Boralex announced the execution of a 50-50 joint venture agreement in October 2017, aimed at developing a pipeline of onshore wind projects, including the Limekiln Wind Farm project, essentially located in Scotland for a total estimated capacity of 325 MW.

Infinergy

Infinergy is a UK based renewable energy company, active in the UK, The Netherlands and Australia with a strong focus on the development of onshore wind energy in Scotland. Infinergy develops wind and solar energy projects from inception through to construction and operation. In the UK we develop most of our projects in close cooperation with Boralex. For more information visit http://www.infinergy.co.uk.

Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types—wind, hydroelectric, thermal and solar. Boralex ensures sustainable growth by leveraging the expertise and diversification developed over the past 25 years. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at www.boralex.com or www.sedar.com.

Source: Boralex

“Wind energy as an economically and technically viable solution in the French energy transition is unquestionable and this third tender period is further proof of this. We believe that France is—and will remain—a major market for the development of our renewable energy projects, which are structuring and promising for the country’s economy,” said Nicolas Wolff, Vice-President and General Manager of Boralex Europe.

These projects are currently at different stages of the authorization process and will enable Boralex to receive a feed-in premium agreement over a period of 20 years from the date of commissioning, once their administrative authorizations have been received and cleared of any claims.

Boralex has a portfolio of more than 1,000 MW of wind and solar projects in France at various stages of development. It currently has 951 MW of wind, solar and thermal sites in France and 1,987 MW worldwide.

Last April, the Corporation was recognized by the Chambre de Commerce et d’Industrie Française au Canada as best Canadian achievement in France in the “Large Corporation” category.

About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types—wind, hydroelectric, thermal and solar. Boralex ensures sustainable growth by leveraging the expertise and diversification developed over the past 25 years. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at www.boralex.com or www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.

Source: Boralex Inc.

“We’re delighted with the commissioning of the Catésis wind farm which brings us that much closer to our target of 1 GW in France,” stated Nicolas Wolff, Vice-President and General Manager, Boralex Europe. He added, “Our continued expansion in France, especially in Hauts-de-France, an emerging region for our operations in the country, shows long-term potential. This would not be possible without our partners’ trust and the commitment of our teams.”

The 20-year feed-in premium agreement for the wind farm comprising five 2 MW-rated V100 Vestas wind turbines was entered into with Electricité de France (EDF) on June 1, 2019. The wind farm is expected to contribute €1.6 million or (C$2.4 million) to Boralex’s annualized EBITDA(A) with an annual electricity production estimated at over 32,700 MWh, which will avoid the emission of nearly 2,500 metric tons of CO₂¹.

About Boralex

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States. A leader in the Canadian market and France’s largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types—wind, hydroelectric, thermal and solar. Boralex ensures sustainable growth by leveraging the expertise and diversification developed over the past 25 years. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at www.boralex.com or www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.

Source: Boralex Inc.