(Bloomberg) — Boralex Inc. offered C$400 million ($343
million) to acquire Enel Green Power France SASU in a bid to
become the biggest independent French onshore wind-power
producer.
Buying Enel Green Power France, owned by Enel Green Power
International BV, would add 12 French wind farms with a combined
capacity of 186 megawatts to the portfolio, Quebec-based Boralex
said today in a statement. Enel Green Power said the offer will
be evaluated by EGP’s board.
The transaction also includes a pipeline of 310 megawatts
of wind and solar facilities, Boralex said. Part of the deal
will be funded through a C$110 million public offering,
according to the statement.
“The transaction is expected to be immediately and
significantly accretive to Boralex’s cash flow per share,” said
Patrick Lemaire, president and chief executive officer at
Boralex. “Following this transaction, we will have
approximately 50 percent of our net installed capacity located
in France and will be ideally positioned to continue expanding
in the French marketplace and moving forward with our growth
strategy.”
To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Randall Hackley, Indranil Ghosh