Boralex acquires Enel Green Power France

Claiming that the deal makes it the largest independent wind power producer in France, Boralex Inc. (Montreal, Quebec) has closed on its acquisition of all of the issued and outstanding shares of Enel Green Power France SAS, a wholly owned subsidiary of Enel Green Power International B.V. (Amsterdam, Netherlands). Boralex also announced that it has closed on long-term project financing associated with the transaction amounting to €180 million (about $219 million U.S.). Through the deal, Boralex has added assets that increase its overall net installed wind power capacity by 25% to 940 MW. Specifically, the Enel assets acquired include 12 wind farms in France with a total installed capacity of 186 MW. “Consistent with our vision, we believe that this acquisition is highly strategic in nature and represents an attractive and compelling opportunity to strengthen our current platform, both overall and in France,” Boralex said in a statement. “Not only are the additional assets expected to be immediately high-single-digit accretive to Boralex’s fully diluted free cash flow per share, but the transaction will increase the corporation’s liquidity and flexibility to fund the development of future projects.”