Boralex Inc. announces that it has signed an agreement to acquire a hydroelectric power station with an installed capacity of 14.5 MW located in Ocean Falls, British Columbia. In addition to its power purchase agreement, this power station also brings hydroelectric potential upside of up to 37 MW, which will be developed by Boralex over the course of the coming years. Also, Boralex is acquiring two other potential hydro projects under development in the same area for an additional 10 MW.
Patrick Lemaire, President and Chief Executive Officer of Boralex, said: "We are delighted to enter into the British Columbia power market. This acquisition is in line with our strategic plan to expand our activities in this province and represents a milestone for our British Colombian development. The Boralex team will now focus on achieving the full potential of the power station and on developing the two potential projects."
A significant portion of the power station's total output is sold to BC Hydro pursuant to a long-term power purchase agreement under the Remote Community Electrification Program. The power station currently generates approximately 13 000 MWh per year. The transaction will be completed following the receipt of regulatory approvals and the usual consents required for this type of transaction.