Boralex Inc. signed an agreement to acquire its first hydroelectric project in British Columbia, the 14.5-MW Ocean Falls project in the province’s Central Coast region.
Boralex announced the agreement June 11, saying it intends to expand the project’s capacity, perhaps to 37 MW. It also said it is acquiring two small hydropower projects with a total capacity of about 10 MW under development in the same area.
The transaction will be completed following the receipt of regulatory approvals and other consents, Boralex said.
Boralex did not disclose the price or identify the seller. However, Ocean Falls power plant owners have included Central Coast Power Corp., an independent power producer that acquired the plant years ago from Ocean Falls Corp.
The hydroelectric project is located in the small coastal community of Ocean Falls, in a remote area of British Columbia about 300 miles north of Vancouver and 55 miles west of Bella Coola.
The power plant generates about 13,000 MWh annually for customers in Ocean Falls and for sale to BC Hydro under a long-term power purchase agreement.
Boralex President Patrick Lemaire said his company would focus on achieving the full potential of the Oceans Falls power station and on developing the two potential projects.
Boralex owns and operates about 20 hydro, wind, and thermal power stations with a combined installed capacity of 351 MW in Quebec, the northeastern U.S., and France. (HNN 3/12/08) Boralex also holds 23 percent interest in the Boralex Power Income Fund, which owns ten stations in Quebec and the U.S. with an installed capacity of nearly 190 MW.