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Boralex, Cube Infrastructure buy French wind farms

The French-Canadian partnership has acquired three wind farms in France from renewable firm Theolia for €73m. The new farms add 47 megawatts to Boralex's European wind portfolio.

Canadian renewable firm Boralex and Natixis-sponsored Cube Infrastructure fund have acquired three wind farms in France from local renewable energy firm Theolia for €73 million.
Two of the wind farms – a 30-megawatt wind site in Plateau de Ronchois, in the Picardie and Normandie regions, and the 10-megawatt wind site at Grand Camp, in central France – are greenfields currently in construction. The third wind farm, the seven-megawatt Bel Air site, in Brittany, has been operational since 2006.
The acquisitions are the first fruits of a partnership established in December that saw Cube Infrastructure acquire a 30 percent stake in Boralex’s European business for €33 million. BNP Paribas is providing a 15-year loan for the deal at an average interest rate of 5.5 percent. The loan will account for close to 78 percent of the total investment required for the two greenfield facilities, since the third one is already financed.
Boralex’s equity contribution comes from the funds injected in the firm by Cube Infrastructure when it purchased its 30 percent stake. At the time of the agreement, Boralex said the funds would allow it to develop an additional 110 megawatts without any expenditure on its part. The acquisition of the three wind farms contributes 47 megawatts to that objective and takes Boralex’s installed wind power capacity in Europe to 170 megawatts.
Boralex was advised on the deal by Simmons & Simmons; Blake, Cassels & Graydon and Natureo Finance. BNP Paribas was advised by Norton Rose.