Boralex Inc. (TSX: BLX) announced Jan. 12 the acquisition of the equity interest owned by Northland Power Inc. in the Frampton community wind power project, which has a total capacity of 24 MW.
Owned by the municipality of Frampton at 33.3% and, after closing of the transaction, by Boralex at 66.7%, the Frampton project is to be located on private lands in the municipality of Frampton, in the Chaudière-Appalaches region in Québec. Once constructed, Frampton will consist of 12 Enercon E-82 wind turbines and is covered by a power sales contract with Hydro-Québec. With a 20-year term, the contract was awarded under the Hydro-Québec Distribution request for proposals for 250 MW of wind power in 2009.
“The acquisition of this quality community project sets a new milestone in Boralex’s development in Québec and we look forward to beginning collaboration with the community of Frampton,” noted Boralex President and CEO Patrick Lemaire.
Construction of the Frampton project will begin in the first quarter of 2015 in order to commission the project within the next twelve months. The quality of the wind resource at the site suggests an average utilization factor of approximately 40%.
The Frampton acquisition remains subject to certain closing conditions.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, it operates an asset base with an installed capacity of more than 940 MW in Canada, France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add more than 100 MW of power that will be put in service by the end of 2015.