- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Boralex Completes Acquisition of Kallista Energy
With the acquisition, Boralex has strengthened its position as France’s largest independent wind power producer.
Boralex (TSX:BLX) announced on Wednesday (June 20) the closing of a transaction to acquire the Kallista Energy Investment portfolio for approximately C$198 million.
The company, which builds and operates renewable energy power facilities, completed the acquisition after announcing in April that it had entered into a purchase agreement to acquire Kallista Energy.
According to Wednesday’s release, the portfolio consists of 163 megawatts (MW) in operation, with 10 MW under construction and an additional pipeline of 153 MW.
Patrick Lemaire, CEO of Boralex, said in a press release that the company has strengthened its position as France’s largest independent wind power producer while improving its growth prospects in light of development goals set by the French government.
Boralex in the release said that it will use the C$100 million available to it under Tranche B of a subordinated credit facility put in place on March 29, 2018. Boralex expects Tranche B to be drawn down sometime next month.
“With this acquisition, Boralex stands to benefit from numerous operational synergies, while fully capitalizing on its unique and integrated model as developer, prime contractor and operator of its projects,” said Patrick Decostre, vice president and general manager of Boralex’s European division.
Boralex currently has an installed capacity of 1,619 MW around the world. The additional 15 projects in connection with the transaction now push Boralex’s capacity in France up to 799 MW. Meanwhile, Kallista Energy has an installed capacity of 213 MW in France with 100 MW further in development.
Kallista Energy previously announced the renewal of a wind farm in France with modern wind turbine blades. It is set to produce four times more electricity than previous models.
Following Wednesday’s announcement, Boralex was down 2.2 percent and closed trading at $20.94. The stock had a volume of 96,296 at the time of writing. On TipRanks, Boralex has an analyst price target of C$26 with a “moderate buy” ranking.
However, TradingView has a strong sell on the stock with 16 verticals against it, nine neutral and one in favor of the stock.
Don’t forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.