BORALEX ACQUIRES INTERESTS IN SEVEN US SOLAR PLANTS

November 24, 2020

Boralex Inc. announce that Boralex US Solar CIA, a wholly owned subsidiary of the Corporation, has entered into binding agreements with Centaurus Renewable Energy (CRE) to acquire their controlling interests in seven solar plants, located in the United States, for a purchase price of US$216.5 million. CRE and other investors will retain certain non-controlling interests in the assets resulting in total net installed capacity to Boralex of 118 MWac. The assets benefit from long-term Power Purchase Agreements (PPAs) with the Regents of the University of California, Alabama Power Company, PG&E, Southern California Edison, City of Palo Alto, and Indianapolis Power & Light, expiring between 2029 and 2046 with a remaining weighted average of more than 21.5 years on the PPAs.
The assets are comprised of the following:
• Lafayette solar plant (79 MWac) is located in Chambers County, AL and the sponsor equity is currently owned by CRE (59%) affiliates of Global Atlantic Financial Group (40%) and a minor investor (1%). Lafayette was commissioned in December 2017 and has a PPA in place with Alabama Power Company, expiring in December 2045, and has third-party tax equity;
• Five Points solar plant (60 MWac) is located in Five Points, CA and the sponsor equity is currently owned by CRE (50%) and affiliates of Global Atlantic Financial Group (50%). Five Points was commissioned in October 2016 and has a PPA in place with the Regents of University of California, expiring in October 2041, and has third-party tax equity;
• Kettleman solar plant (20 MWac) is located in Kettleman City, CA and is currently owned by CRE (50%) and affiliates of Global Atlantic Financial 1. Kettleman was commissioned in August 2015 and has a PPA in place with the City of Palo Alto, expiring in August 2040, and no longer has any third-party tax equity;
• Frontier solar plant (20 MWac) is located in Newman, CA and the sponsor equity is currently owned by CRE (50%) and affiliates of Global Atlantic Financial Group (50%). Frontier was commissioned in July 2016 and has a PPA in place with the City of Palo Alto, expiring in July 2046 and has third-party tax equity;
• Westlands solar plant (18 MWac) is located in Huron, CA and is currently owned by CRE (65.5%) and affiliates of Global Atlantic Financial Group (32.5%) and a minority investor (2%). Boralex will acquire 50% of the Total Class B interests leaving CRE with 15.5%. Westland was commissioned in January 2014 and has a PPA in place with PG&E, expiring in February 2034, and does not have any third-party tax equity;
• Lancaster solar plant (3 MWac) is located in Lancaster, CA and is currently owned by CRE (100%). Lancaster was commissioned in December 2014 and has two PPAs in place with Southern California Edison, expiring in December 2034 and does not have any third-party tax equity;
• IMS solar plant (9 MWac) is located in Indianapolis, IN and is currently owned by CRE (100%). IMS was commissioned in July 2014 and has a PPA in place with Indianapolis Power & Light, expiring in July 2029, and no longer has any third-party tax equity.
Boralex based in Kingsey Falls, Quebec, Canada, is a power producer whose core business is dedicated to the development, building, and operation of renewable energy power facilities.
(Source: Boralex – Image: Kettleman solar park, CA)