Energy Infrastructure Partners to acquire stake in leading French renewables platform from Boralex
Zurich, February 24, 2022 – Energy Infrastructure Partners, a leading investor in the energy transition, will acquire a stake in one of France’s largest renewables platforms, with more than 1 gigawatt of generation capacity. Under the agreement with Canadian utility Boralex Inc., an early mover in the global renewable energy industry, funds managed by Energy Infrastructure Partners will take a 30% share in the company’s French renewables platform and support its further growth as a leader in the French market.
The strategic partnership between Energy Infrastructure Partners, or EIP, and Boralex will build on an existing platform of more than 70 wind and solar plants totaling over 1 gigawatt of generation capacity. Boralex’s French platform also comprises an extensive development pipeline to construct new wind and solar projects across France and upgrade existing sites with best-in-class technology.
Tim Marahrens, EIP Co-Head of Investments, commented, “We look forward to working closely with our partner Boralex to build on their strong track record in the French market. They have established an impressive foundation for continued growth, and we’re excited to work together on its expansion over the coming years.”
Together EIP and Boralex will target a buildout of up to 3 gigawatts of wind and photovoltaic generation capacity by 2030 and support the renewable energy program France launched as part of its commitments through the Paris Climate Agreement, the Programmation pluriannuelle de l’énergie or Multiannual Energy Plan. The government program aims to double the country’s onshore wind capacity and triple its photovoltaic capacity by the end of the decade compared with 2018 levels, while investing more than EUR 70bn in the French renewable energy sector’s continued growth.
Roland Dörig, EIP Managing Partner, commented, “This is an exciting time for our industry, as our clients contribute to supporting the European transition to low-carbon energy generation. Looking at the French government’s plans, onshore wind and solar technology is projected to play an instrumental role in securing the country’s energy supply. Boralex is well-positioned to support France in achieving its renewables targets, thanks to its large and technologically diversified portfolio of assets.”
The closing of the transaction is subject to customary regulatory closing conditions and the approval of Boralex SAS’ Economic and Social Committee (CSE).
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Energy Infrastructure Partners AG
Energy Infrastructure Partners AG (EIP) is a Switzerland-based manager of collective assets focused on high quality, large-scale renewables and system-critical energy infrastructure assets. With over CHF 4 billion under management, EIP leverages an extensive industry network, broad transaction experience and close partnerships with energy suppliers and the public sector in order to develop and manage investment solutions for institutional investors globally. These clients, primarily pension funds, insurances and large family offices, seek investments in long-term, visible cash flow-generating assets that also contribute to security of energy supply, positive economic, ecological and social development, and the retirement provision of the population.