Boralex Acquires Northland Power’s Stake in Quebec Wind ProjectJustin Doom
Boralex Inc., a Montreal-based renewable power producer, is buying Northland Power Inc.’s stake in a Quebec wind farm for an undisclosed sum.
Construction on the 24-megawatt Frampton project is expected to begin this quarter and be completed within a year, according to a statement today. The wind farm will sell power under a 20-year contract to the government-owned utility Hydro-Quebec.
The project is estimated to cost $75 million to $80 million, about one-fourth of which will be an equity investment Boralex is sharing with the municipality of Frampton, said Marc Jasmin, a company spokesman.
“We’re going to put up two thirds of the equity, our partner is going to put up one third of the equity, and we’re together going to assume all of the debt of the project,” Jasmin said in a telephone interview.
The wind farm may generate as much as $9 million annually before interest, taxes, depreciation and amortization.