Canada-based power producer Boralex is set to acquire controlling stakes in seven solar power plants in the US for a price of $216.5m.
The deals are signed with Centaurus Renewable Energy (CRE) and certain other investors, which will retain non-controlling interests in the solar facilities.
Boralex is expected to add a total of 118MW capacity, after the completion of the transactions.
The solar plants included in the transactions were commissioned between 2014 and 2017.
The facilities are located in the City of Five Points, the City of Huron, Kettleman City, the City of Lancaster and the City of Newman, California; Chambers County, Alabama; and Indianapolis, Indiana.
Boralex president and chief executive officer Patrick Lemaire said: “The acquisition of Centaurus’ interest in seven solar plants will mark Boralex’s entry into the California, Alabama, and Indiana markets.
“The acquisition of interests in these high-quality assets secured by long term contracts is perfectly aligned with the growth and diversification orientations of our 2023 strategic plan.”
The solar power plants have long-term Power Purchase Agreements (PPAs) that expiring between 2029 and 2046.
The Regents of the University of California, Alabama Power Company, PG&E, Southern California Edison, City of Palo Alto, and Indianapolis Power & Light are the PPA customers for the solar plants.
The transactions include operating solar plants with a gross installed capacity totaling 209MW.
The seven solar plants included in the transactions are:
The 79MW Lafayette solar plant located in Chambers County;
The 60MW Five Points solar plant in Five Points, California;
Kettleman solar plant with 20MW located in Kettleman City;
The 20MW Frontier solar plant located in Newman;
The 18MW Westlands solar plant located in Huron; and
3MW solar plant in in Lancaster and 9MW in Indianapolis.