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Analyst Actions: TPH Comments on Boralex Partnership Moving Ahead on 200-Megawatt Quebec Wind Farm

· 02/05/2021 04:45

09:31 AM EST, 02/05/2021 (MT Newswires) -- Tudor, Pickering & Holt on Friday offered commentary on Boralex (BLX.TO) and its joint venture with Quebec Innu communities moving ahead with a 200-megwatt wind farm in the province. The investment bank did not offer a stock rating or target price for the renewable-power company.

"Yesterday, BLX CN announced a partnership with the Innu Nation to construct the 200MW Apuiat wind farm near Port-Cartier, Quebec after receiving government approval," the investment bank noted "The ~C$600mm project is underpinned by a 30-year government-backed PPA at C$60/MWh with construction set to begin in Q3'22 and ultimate in-service targeted for late 2024. Most recent data from Hydro-Quebec shows retail power rates in the province of ~7.3c/kWh, well below the Canadian national average and major northeastern US cities, potentially providing further opportunities to export surplus power to support energy needs in higher priced markets. Increased wind generation aligns with Quebec's plants to achieve a 37.5% reduction in GHGs by 2030 and reach carbon neutrality by 2050. This announcement fits Boralex's operating profile with ~1.2GW (gross) of wind capacity in Canada and adds to the growth backlog of 278MW targeted through 2023. This marks the fourth announcement this year in what has been an active year thus far for BLX CN having closed the acquisitions of solar and wind capacity totaling 244MW (gross)."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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