On January 18, 2017, Boralex Inc. (“Boralex”) a leader in the Canadian market for the development, building and operation of renewable energy power facilities and France’s largest independent producer of onshore wind power, completed the acquisition of all of the economic interest of ENERCON Canada Inc. (“ENERCON”) in the 230 MW Niagara Region Wind Farm Project (the “Project”), located in the Province of Ontario, for a total cash consideration of approximately $232.4 million. In connection with the transaction, Boralex accessed to the Project’s senior secured ring-fenced financing from a syndicate of international financial institutions, totaling $832.5 million. The financing was guaranteed by Euler Hermes, the German Export Credit Agency.
The Project is equipped with 77 state-of-the-art ENERCON E-101 wind turbines of 3 MW each and provides power to thousands of Ontario homes with clean, emission and pollution free energy.
Boralex was represented in-house by Pascal Hurtubise (Vice-President, Legal Affairs, North America) and by Stikeman Elliott LLP, with a team that included Maxime Turcotte, Maxime Jacquin, Dominique Rolland (M&A), Maxime Jacquin, Dominique Rolland (project finance), Franco Gadoury, Philippe Kattan (tax), Jeffrey Brown (competition), and Glenn Zacher (regulatory - energy).
ENERCON was represented in-house by Amina Kherbouche (Legal Counsel, Legal Affairs, Canada), and by Fasken Martineau DuMoulin LLP, with a team that included Peter Ascherl, Will Shaw, Laura Fetter (M&A), Jon Holmstrom, Jay Choi, Noel Chow (project finance) Chris Steeves (tax), Huy Do (competition) and Paul King (real estate).
The syndicate of lenders was represented by Blake, Cassels & Graydon LLP, with a team that included Sébastien Vilder, Aude Godfroy, Mahnaz Jan Ali, Gabriel Bastien and Rebecca Dawe (project financing).