Invenergy LLC sells interests in 5 wind farms to Boralex for C$215M

Date Closed

September 14, 2018

Lead Office

Montréal

Value

215.00 Million CAD

On September 14, 2018, affiliates of Invenergy LLC completed the sale of all of Invenergy's interests in 5 wind farms in Québec to Boralex Inc. for C$215 million. Following the acquisition, Boralex holds an indirect 51% interest in each of the Des Moulins I & II and Le Plateau I projects, with the remaining 49% being indirectly held by Caisse de dépôt et placement du Québec. Boralex also holds a 50% and 60% indirect interest in the Roncevaux and Le Plateau II projects, respectively, with the remaining 50% and 40% interests being indirectly held by local community partners.

Each of the five projects has secured long-term project financing from syndicates of international financial institutions totaling approximately $550 million. Boralex became the sponsor under such project financings as part of the acquisition.

The acquisition will provide Borlalex with 201 MW of net installed capacity and is expected to help strengthen Boralex's position as a leader in the Canadian renewable energy sector.

Invenergy, based in Chicago, develops, builds, owns and operates power generation and energy storage projects in North America and Europe.

Boralex develops, builds and operates renewable energy power facilities in Canada, France, the United Kingdom and the United States.

McCarthy Tétrault LLP advised Invenergy with a team led by Louis-Nicolas Boulanger and Matthieu Rheault that included Marc Dorion, Jacob Stone, Karina Gagnon, Alexandre Saulnier-Marceau, Isabelle Pépin-Lapointe and Camille Marceau (Business), François Dupuis and Sunny Yang (Project Finance), Danielle Drolet and Danielle Gagnon (Real Estate), Diana Theophilopoulos (Labour), Dominique Amyot-Bilodeau (Environment), Dominic Thérien (Regulatory) and Marc-Alexandre Hudon (Litigation).

McCarthy Tétrault LLP also advised the syndicates of lenders for the Le Plateau I and Le Plateau II projects with a team that included Joe Palin, Trevor Morawski and Eve Tessier.

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