Boralex Inc BRLXF

Primary Symbol: T.BLX

Utilities Utilities - Independent Power Producers

Boralex Inc. is a renewable energy company specializing in four sectors of activity: wind, solar, hydroelectricity and storage. It is engaged in the development, construction, and operation of renewable energy power facilities. It develops, builds and operates power generating and storage facilities in Canada, France, the United States and the United Kingdom. It is developing a portfolio of more than 6.8 gigawatts (GW) in wind, solar projects and storage projects. It also provides management and maintenance services to certain joint ventures and associates. In addition, it has projects under construction or ready-to-build, representing an additional 264 megawatts (MW) of power and a portfolio of secured projects amounting to 587 MW. It is an independent producer of onshore wind power and has facilities in the United States and development projects in the United Kingdom. A major part of its installed capacity is accounted for by wind energy. It also owns the Sallachy Wind Farm project.

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Boralex Inc

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Post by retiredcfon Oct 10, 2024 8:45am

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Post# 36260587

RBC

October 10, 2024

Boralex Inc.
Quick take: Acquires shovel-ready 50 MW U.K. wind development

TSX: BLX | CAD 35.10 | Sector Perform | Price Target CAD 38.00

Sentiment: Neutral

Our take

We believe the 50 MW wind acquisition is a good step for the company to grow its U.K. wind portfolio (first wind facility to be completed later this year). However, we expect the acquisition will have a neutral impact on the shares of Boralex given the relatively small size of project. We are not surprised by the acquisition as we highlighted in August that Boralex has been looking to expand in the U.K., and has been actively exploring M&A opportunities.

Details

Acquires 50 MW U.K. wind development. Boralex announced that it has acquired the yet-to-be-constructed 50 MW wind development on the Sallachy Estate in Sutherland, in the Highlands of Scotland. The acquisition price was not disclosed. The project was granted planning permission by the Highland Council in April 2022 and secured grid connection from 2028.

Strengthening U.K. presence. Boralex's first operating asset in the U.K. is set to be online in Q4/24 as its 106 MW Limekiln wind farm is nearing completion. Management highlighted that it is committed to the U.K. and will continue to boost the deployment of development capital and operational capabilities, and has recently grown its team in Edinburgh to 23 renewable energy professionals (up from 10).

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