Boralex, partner buy wind farms

Electricity producer Boralex Inc. said Tuesday that it has teamed with new European partner Cube Infrastructure Fund to buy three wind farms in France for $115-million.

Boralex, which employs 300 people at 22 power stations in Canada, the United States and France, said the acquisition will increase its installed wind power capacity in Europe to 170 megawatts.

The company said two of the wind farms are under construction, a 30 MW wind site in Plateau de Ronchois and a 10 MW wind site at Grand Camp with a third, seven MW site at Bel Air in operation since 2006.

“Once these facilities are built, the wind power segment will total more than 210 MW in the Boralex portfolio, making it the highest in installed capacity. This development, initiated in 2002, is directly related to our strategic plan and our long-term objectives,” president and chief executive officer Patrick Lemaire said in a statement.

Shares in Boralex were up 15 cents at $9.28 in thin trading Tuesday morning on the Toronto stock market.

Boralex also holds a 23 per cent interest in Boralex Power Income Fund , which operates 10 power stations in Quebec and the United States.

Cube is an infrastructure fund created in 2007 as a closed-ended investment company in Luxembourg.