Boralex Inc. said Nov. 2 that it will be exercising its option to acquire a 25% economic interest in the 230-MW Niagara Region wind farm, in which Enercon Canada Inc. is the majority owner.
The signing of the option was previously announced by Boralex on June 8, 2015. Extending across the Regional Municipality of Niagara, the Township of West Lincoln, the Town of Wainfleet and Haldimand County in Ontario, the Niagara Region project is made up of 77 Enercon 3-MW turbines.
The closing and pricing of the project financing was announced Nov. 2 by Enercon and based on the final terms contained in it, Boralex has determined that all conditions related to the option have been met. Boralex and Enercon have agreed that the exercise of the option would take place on or before Dec. 31, 2016, subject to the parties successfully negotiating and entering into definitive agreements and fulfilling the required closing conditions.
Boralex develops, builds and operates renewable energy power facilities in Canada, France and the United States.
ENERCON Canada on Nov. 2 separately announced the closing of a C$825.5 million non-recourse project financing for the Niagara Region Wind Farm project. The wind farm has a 20-year feed-in tariff contract with the Independent Electricity System Operator of the Province of Ontario. It was commissioned on Oct. 30, 2016.
The wind farm is owned by ENERCON and Six Nations of the Grand River Development Corp. Boralex will acquire 25% of ENERCON’s interest in the project by Dec. 31, 2016.
Established in Germany over 30 years ago, ENERCON is an international leader in wind turbine design and sales. To date, ENERCON has installed more than 26,400 turbines worldwide, ranging from 500 kW to 7.5 MW, representing more than 43.1 GW of installed capacity.
A major player in the Canadian market since its entry in 2001, ENERCON Canada has over 450 employees with offices located in Montreal, Toronto and Dartmouth, service stations coast-to-coast, a manufacturing site in Matane (QC) and a dedicated training and warehouse facility in Boucherville (QC). ENERCON Canada currently has over 2,100 MW installed throughout seven Canadian provinces and territories.