Boralex Inc. generated C$172.5 million in gross proceeds from its subscription receipts offering after a syndicate of underwriters led by National Bank Financial Inc. and RBC Capital Markets exercised their overallotment option in full.

In total, the company sold 10,361,500 subscription receipts at C$16.65 apiece. The proceeds will help fund the company's planned purchase of ENERCON Canada Inc.'s 25% economic stake in the 230-MW Niagara Region wind farm in Ontario.

Upon closing of the deal in January 2017, holders will receive 1 class A share in Boralex for every subscription receipt they hold.