Business
Boralex Announces Agreements to acquire Interests in Seven Solar Plants in the United States for CA$283M (US$216.5M)
Boralex Announces Agreements to acquire Interests in Seven Solar Plants in the United Sta...
About this update from Boralex Inc. Class A
[{"type":"text","content":"\n \n \n \n Boralex Announces Agreements to acquire Interests in Seven Solar Plants in the United States for CA$283M (US$216.5M)\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n MONTRÉAL, Nov. 23, 2020\n \n \n \n \n MONTRÉAL,\n \n Nov. 23, 2020\n \n /CNW Telbec/ - 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\n \n the United States\n \n , for a purchase price of $CA283 million (\n \n US$216.5 million\n \n ).  CRE and other investors will retain certain non-controlling interests in the assets resulting in total net installed capacity to Boralex of 118 MWac.\n \n \n The operating solar plants totaling 209 MWac of gross installed capacity, located in the\n \n City of Five Points\n \n , the\n \n City of Huron\n \n ,\n \n Kettleman City\n \n , the\n \n City of Lancaster\n \n and the\n \n City of Newman, California\n \n ;\n \n Chambers County, Alabama\n \n ; and\n \n Indianapolis, Indiana\n \n , were commissioned between 2014 and 2017. The assets benefit from long-term Power Purchase Agreements (\"PPAs\") with the Regents of the\n \n University of California\n \n , Alabama Power Company, PG&E, Southern California Edison,\n \n City of Palo Alto\n \n , and Indianapolis Power & Light, expiring between 2029 and 2046 with a remaining weighted average of more than 21.5 years on the PPAs.\n \n \n Closing of the transaction is currently anticipated to occur on or before\n \n December 31, 2020\n \n , subject to the satisfaction of usual closing conditions, including receipt of FERC approval for the\n \n Lafayette\n \n and\n \n Five Points\n \n assets. The PPA of the\n \n Lafayette\n \n asset contains a right of first refusal in favor of Alabama Power, pursuant to which the CRE interest in\n \n Lafayette\n \n can be acquired by Alab...