Boralex consolidates its presence in the United Kingdom by acquiring Infinergy, including portfolio of projects in development of 338 MW
July 04 2022 - 7:05AM
Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to
announce that it has closed the acquisition of Infinergy’s
interests in the United Kingdom. The transaction includes
Infinergy’s portfolio of projects in development and its 50%
interest in a joint venture formed with Boralex in 2017, as well as
the integration of the Infinergy team–9 employees based in two
offices in the United Kingdom–into Boralex.
Transaction highlights
- Acquisition of
100% of Infinergy Ltd., which has a portfolio of 338 MW of wind and
solar power and energy storage projects, including 232 MW owned by
the joint venture with Boralex and 106 MW owned directly by
Infinergy.
- The acquisition
includes Infinergy’s 50% interest in the joint venture with
Boralex. Boralex was already consolidating the 232 MW owned by the
joint venture since it had control of the business. However, this
agreement will give Boralex access to 100% of the joint venture's
cash flows.
- Infinergy’s team
of 9 employees will join Boralex, enabling the acceleration of
project development, including projects currently being explored in
the high-potential U.K. market.
The transaction will enable Boralex to benefit
fully from the revenues and optimization initiatives related to the
future operation of projects under development and ready for
construction, including the Limekiln wind farm.
Boralex and Infinergy have been co-developing a
portfolio of onshore wind projects in a 50/50 joint venture since
2017. As a result of the transaction, Boralex gains full access to
a portfolio of projects of 338 MW.
This acquisition provides Boralex the
opportunity to strengthen its European presence in markets with
high potential for further development. Its strategic plan calls
for doubling its installed capacity worldwide to 4.4 GW by 2025 and
to again double such capacity between 2025 and 2030.
"This transaction will allow us to accelerate
organic growth in a high-potential market in addition to
contributing to the geographic diversification of our activities,
two key elements of our 2025 Strategic Plan,” said Patrick Decotre,
President and Chief Executive Officer of Boralex.
“Building from the fact that Scotland has a very
favourable political climate for renewable energy development, we
have identified the UK market as a high-potential target for
developing onshore wind as well as solar and energy storage
facilities. We are confident that Boralex can draw on its
experience as a wind farm developer and operator to carry on the
high-quality work started by the staff at Infinergy, whom I would
like to warmly welcome to the Boralex team,” said Nicolas Wolff,
Vice President and General Manager of Boralex, Europe.
It should be noted that the control of
Infinergy’s activities in the Netherlands and Australia, will
remain unchanged and is not covered by the agreement.
Infinergy, Boralex’s new development platform in the
United Kingdom
This transaction will also bring the Infinergy
team, consisting of 9 employees based in Wimborne, England, and
Edinburgh, Scotland, into the Boralex team. Boralex will gain from
the expertise of a team that has been developing energy projects
for 19 years and has successfully completed approximately 300 MW of
projects in the United Kingdom.
Esbjörn Wilmar, Chief Executive of Infinergy
Ltd. said: “Having worked with Boralex in the UK over the last five
years, we are excited to now become full members of the Boralex
team. Joining forces will further strengthen our combined
capabilities to develop, build and operate renewable energy
projects in the UK and we are looking forward to bringing our
growing portfolio of projects to fruition. Next to onshore wind, we
will further develop our project portfolio with solar and battery
storage developments.”
Limekiln: the flagship wind project of this
agreement
A symbol of the early years of the
Infinergy-Boralex joint venture, Limekiln Wind Farm is one of the
more advanced projects in the agreement. In May 2022, this recently
optimized project received planning permission for 110 MW of
capacity, enough to power more than 96,000 British households. The
transaction will see Boralex acquire all of Infinergy’s shares in
the Limekiln project, which is scheduled to be built in 2023.
Caution regarding forward-looking
statements
Some of the statements contained in this press
release, including those regarding the transaction with Infinergy,
the benefits from the transaction, the revenues and optimization
initiatives and Boralex's strategic plan are forward-looking
statements based on current expectations, within the meaning of
securities legislation. Boralex would like to point out that, by
their very nature, forward-looking statements involve risks and
uncertainties such that its results or the measures it adopts could
differ materially from those indicated by or underlying these
statements, or could have an impact on the degree of realization of
a particular forward-looking statement. Unless otherwise specified
by the Corporation, the forward-looking statements do not take into
account the possible impact on its activities of transactions,
non-recurring items or other exceptional items announced or
occurring after the statements are made. There can be no assurance
as to the materialization of the results, performance or
achievements as expressed or implied by forward-looking statements.
The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under
applicable securities legislation, management of Boralex does not
assume any obligation to update or revise forward-looking
statements to reflect new information, future events or other
changes.
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.
For more information, visit www.boralex.com or
www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.
About 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.
For more information:
Media |
Investor Relations |
Camille LaventureAdvisor, Digital
CommunicationsBoralex
Inc.438-883-8580camille.laventure@boralex.com |
Stéphane MilotSenior
Director – Investor RelationsBoralex Inc.514
213-1045stephane.milot@boralex.com |
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Media –
France (Agency)Virginie RaisonPR ConsultantOxygen06 65 27
33 52virginie@oxygen-rp.com |
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Source: Boralex Inc.
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