Indy Solar Farm to be Acquired in $216M Deal
(photo courtesy of the Indianapolis Motor Speedway)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA solar farm near the Indianapolis Motor Speedway will soon be under new ownership. Montreal-based Boralex Inc. is planning to acquire controlling interest of the solar farm, along with six others throughout the U.S., from Centaurus Renewable Energy LLC and other investors in a deal valued at $216.5 million.
The solar properties to be acquired total 209 megawatts of generating power. The other plants include one in Alabama and five in California.
Patrick Lemaire, chief executive officer of Boralex, says the acquisitions will mark the company’s entry into each state.
“The acquisition of interests in these high-quality assets secured by long term contracts is perfectly aligned with the growth and diversification orientations of our 2023 strategic plan,” said Lemaire. “We are extremely pleased with the stable stream of cash flow and strong growth potential this transaction is bringing to Boralex. This transaction…will be a springboard to further development in these new regional energy markets for Boralex, especially California.”
The IMS solar farm, currently owned by CRE, was commissioned in July 2014. The farm has a Power Purchase Agreement with Indianapolis Power & Light Co. that expires in 2029.
The acquisition is expected to close before the end of the year, pending regulatory approvals and customary closing conditions.