Canadian energy company Boralex Inc. has bought interest in five U.S. wind farms.
The company announced the acquisition of EDF Renewables North America’s 50 per cent interest in the wind farms on Thursday, with the sale totalling $339.7 million before closing.
Boralex president and CEO Patrick Decostre said the purchases in Texas and New Mexico will grow the company’s footprint in U.S. energy markets, where it also owns hydro and solar power assets.
"Located in one of the United States’ most robust wind resources areas, these wind farms will grow and diversify our presence in the United States,” he said in a written statement.
The company said it will fund the purchase with cash resources.
The wind farms have a total operating capacity of 894 megawatts of energy, with Boralex’s stake representing 447 megawatts.
Boralex said it expects the new energy assets to contribute approximately $39 million in earnings before interest, taxes, depreciation, and amortization in 2023.
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