Boralex said in a release on Thursday that two of its wind projects in France have been selected in the second round of a request for proposals.
Boralex (TSX:BLX), a global renewable energy provider in Canada, France, the UK and the US, announced on Thursday (September 6) that its wind projects in France have been selected under a request for proposals (RFP).
The company said that these projects were submitted in June under the onshore wind power RFP and that the total combined capacity of the projects is 49.5 megawatts (MW).
The two selected projects include the 14 MW Santeere wind power project and the 35 MW repowering of the Cham Longe wind farm.
Boralex noted in the release that the Cham Longe wind farm has a current capacity of 17 MW. The repowering would lead to doubling the capacity to the noted 35 MW while maintaining the same number of wind turbines. The company said it will be a ‘technical challenge’, however Boralex notes that its crews are already working on the project.
“With the 49.5 MW awarded in the second round of the wind power RFP, Boralex confirms its position as France’s largest independent producer of wind power,” Patrick Decostre, VP of Boralex, said in the release. ““This is a great victory for our teams.”
Crucially, Boralex acknowledged that the two projects are already integrated into the company’s growth plan and that the RFP wins would enhance the projects’ implementation.
In the company’s investor fact sheet filed on June 30, Boralex said that these two projects are valid until 2035 and are part of the Pro-forma growth plan of the company’s 2020 outline and beyond.
With a operational capacity of 1,619 MW at the end of June, Boralex aims to have a capacity of 2,065 MW as it heads into the next decade.
Of note, Boralex completed the acquisition of Kallista Energy in June and strengthened its leadership position in France. The company’s total capacity in France stands at 799 MW as of June while its global wind capacity is over 1,400 MW.
Following Thursday’s announcement, shares of Boralex increased by 2.13 percent to close the trading session at C$19.66. Boralex has a “Strong Buy” ranking on TipRanks with an analyst target price of C$25.13. On TradingView, the stock has a “Buy” ranking with 11 verticals in favor, eight neutral and seven against.
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Securities Disclosure: I, Bala Yogesh, hold no direct investment interest in any company mentioned in this article.