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Boralex becomes sole owner of 230-MW Ontario wind project

Boralex Inc. is now the sole owner of the 230-MW Niagara Region wind project in Ontario, after the company closed its purchase of all of ENERCON Canada Inc.'s economic stake in the project.

The deal, valued at C$232.4 million in cash, raised Boralex's net installed capacity by 21%, to 1,338 MW, and is expected to contribute a double-digit increase to the company's 2017 discretionary cash flow per share. The wind facility is also seen to generate approximately C$84 million in annual run-rate EBITDA, according to a Jan. 18 company news release.

Spread across the regional municipality of Niagara, the township of West Lincoln, the town of Wainfleet and Haldimand County in Ontario, the Niagara Region wind farm holds a 20-year feed-in tariff contract with Ontario's Independent Electricity System Operator.

Boralex funded the acquisition partly through a subscription receipts offering, which grossed about C$172.5 million, after the underwriters led by National Bank Financial Inc. and RBC Capital Markets exercised the overallotment option. The offering expired Dec. 23, 2016.