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Boralex flush for Quebec spree

$259m raised to buy Invenergy's interests in 296MW of wind farms

Boralex flush for Quebec spree image

Canadian company Boralex has raised approximately $258.8m through a share offering to acquire Invenergy's interests in three wind farms in Quebec totalling 296MW.

The money will be used to purchase 51% of shares in each of the 136MW Des Moulin 1, 21MW Des Moulin 2 and 139MW Le Plateau 1 projects.

The acquisition is subject to regulatory approvals and closing conditions.

Closing is expected to take place next month, Boralex said.

The share offering was completed through a syndicate of underwriters led by National Bank Financial and RBC Capital Markets, and also included BMO Nesbitt Burns, CIBC World Markets, Desjardins Securities, TD Securities, Cormark Securities and Industrial Alliance Securities.

A total of 10,247,650 shares were bought at a price of $20.2 each.

Boralex also conducted a private placing with Caisse de depot et placement du Quebec for 2,562,200 shares also at a price of $20.2 each.

Image: Le Plateau 1 (Invenergy)

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