MONTREAL -- Boralex Inc. says it has signed a deal to buy the 49 per cent stake in three Quebec wind farms it does not already own from the Caisse de depot et placement du Quebec.

The company will pay $121.5 million in cash plus up to an additional $4 million subject to certain conditions that need to be met.

The wind farms are located in the Avignon RCM in Gaspesie and the Appalaches RCM in eastern Quebec.

They have long-term power purchase agreements with Hydro-Quebec Distribution, expiring between 2032 and 2033.

CDPQ's stake represents 145 MW net installed capacity and the three wind farms represent a total capacity of 296 MW.

The deal is expected to close at the end of November, subject to standard closing conditions.