Boralex and Energy Infrastructure Partners (EIP) have signed an agreement for EIP to take a 30% stake in Boralex’s renewable assets and development pipeline in France.
The transaction will be completed after the required consultation of employee representatives and after obtaining the applicable regulatory approvals.
It is expected to close in the first semester of 2022.
Boralex is entering into a long-term partnership with EIP, a Switzerland-based global investment manager which includes 1.1GW of French assets in operation as well as a 1.5GW portfolio of projects in the French market.
Boralex’s operations in France generated EBITDA of €134m in 2021.
This transaction will result in a pre-money equity valuation of €1,718m for all Boralex operations in France.
Cash proceeds to Boralex at transaction close will amount to €532m and a portion thereof will be invested into Boralex operations in France (through a capital increase).
Boralex remains the majority shareholder and manager of its assets in France.
This partnership will enable Boralex to accelerate its growth to meet the ambitious objectives in its strategic plan which are, for France, to increase installed wind and solar capacity to 1.8GW in 2025 and up to 3GW in 2030.
Boralex also continues to manage all its operating assets, with a total capacity of over 1GW, across nearly 70 French sites.