Québec-based power producer, Boralex has made an offer to acquire Enel Green Power’s French subsidiary.
A spokesperson from EGP told PV Tech the offer is being mulled over and evaluated, with an official statement on the decision to be released by EGP soon.
Boralex is seeking to become the largest independent wind energy producer in France acquiring EGPF with a US$96.8 million public equity offering that would see it acquire all EGPF shares.
The total net consideration offer, from Boralex for EGPF, is US$352 million.
EGFP has a 310MW pipeline of solar and wind developments that Borelex would acquire. EGFP also currently has 186MW of installed wind power, and 10MW under construction.
The 15-year Power Purchase Agreements between EGPF and utility, Électricité de France, with EGPF’s strong asset portfolio, would provide a stable, long-term, cash flow for Boralex, should the offer be accepted.
Patrick Lemaire, CEO of Boralex, appeared rather more confident that a deal would be done saying in a statement: “We are thrilled today to announce the acquisition of EGPF and look forward to welcome its employees to the Boralex family."
Boralex has said it will finance the deal with an extended long-term project finance debt facility.