Boralex Inc. acquired on Nov. 30, 2020 the 49 per cent equity stake held by the Caisse de dépôt et placement du Québec (“CDPQ”) in three wind farms in Quebec for a cash consideration of $121.5 million, which may be supplemented by a conditional consideration of up to $4 million. The acquisition added 145 MW net power to Boralex’s installed capacity.
On Aug. 28, 2020, Boralex Inc. also completed a $175 million bought deal public offering of common shares. On Aug. 7, 2020, Boralex Inc. closed a $805 million refinancing of the 230 MW Niagara Region Wind Farm in the Niagara Peninsula, Ontario. The matter constituted a significant refinancing in the midst of the COVID-19 pandemic with a significant level of complexity related to the preservation of the existing Hermes cover and the existing security package, as well as Indigenous and tax issues.
Boralex is an independent power producer listed on the TSX with renewable energy projects in Canada, France, the U.S. and the U.K.
Stikeman Elliott LLP acted as counsel in relation to the acquisition with a team including
Jerry Zi Yi Huang (project finance);
Jessica Vona (corporate/M&A);
Vanessa Clusiau (tax);
Romy Proulx (litigation);
and acted in relation to the bought deal public offering with a team including
Olivier Elmoznino (corporate/securities);
Franco Gadoury and Phil Kattan (tax);
and acted in relation to the refinancing with a team including
Aaron Fransen (project finance),
Patrick Duffy (regulatory and environment),
Dana Porter (real estate),
Erin Jennings (real estate),
Philippe Bernier-Cormier (project finance).
Norton Rose Fulbright Canada LLP acted as counsel to CDPQ in relation to the acquisition with a team comprising
Blake, Cassels and Graydon LLP acted as counsel to the lenders and administrative agent in the refinancing of the Niagara Region wind farm, with a team led by
and which included
Mahnaz Jan Ali,
Rebecca Dawe (power/financial services),
Charles Kazaz (environmental),
Silvana D'Alimonte (real estate),
François Auger (tax).
Fogler, Rubinoff LLP acted as counsel to a wholly owned subsidiary of the Six Nations of the Grand River Development Corporation in relation to the refinancing, with a team led by
Artem Miakichev (corporate and project finance).
Taylor McCaffrey LLP acted as counsel to the borrowers in Manitoba in relation to the bought deal public offering with a team including
Norman K. Snyder,
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