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Boralex, Infinergy form joint venture to develop 325MW wind projects in UK

CTBR Staff Writer Published 18 October 2017

Canadian renewable energy company Boralex and Infinergy have formed 50:50 joint venture to develop 325MW onshore wind projects in Scotland.

The joint venture will develop 10 wind projects which vary between 6 and 80MW and will let Boralex to acquire or resell those projects in the coming years.

Presently, these projects are in different stages of development ranging from early stages of development to being on the verge of starting commercial operations.

The two companies have committed an investment a total of £6.6m until the end of 2019 to achieve the development phase of the wind projects. Boralex is expected to invest £5.5m.

Boralex is already involved in developing 70MW of other wind projects in pipeline in Scotland. The joint venture is expected to increase Boralex’s footprint in Scotland significantly and benefit from the region’s wind resource. As part of the joint venture, Infinergy will act as the principal developer of joint venture projects.

Infinergy CEO Esbjörn Wilmar said: “Working together with Boralex enables Infinergy to continue its successful track record of developing onshore wind energy projects.

“We are very pleased to team up with a new partner who shares our positive outlook on renewable energy in general and the opportunities for onshore wind in Scotland in particular.”

As per Boralex, the joint venture strengthens its belief in long term sustainability of wind and renewable energy development in Europe.

Boralex president and CEO Patrick Lemaire said: “With Scotland’s strong political will to support the growth of all its renewable energy sources, we are excited to start working with our new partners Infinergy.

“We are confident that Boralex will be able to contribute its unparalleled experience as a wind developer to complement Infinergy’s. We share the common objectives to develop, build and operate as many projects as possible over the next 5 to 7 years.”

In July, Caisse de dépôt et placement du Québec (Le Caisse) had acquired a 17.3% of stake in Boralex. Le Caisse is a pension fund company in Canada. The transaction was priced at $287.5m.

Image: Boralex forms partnership with Infinergy to develop wind farms in Scotland. Photo: Courtesy of nicholas cosens/FreeImages.com.