The Power Plant has a power purchase agreement with Hydro-Quebec and employees will be transferred to the purchaser
Boralex agrees to sell Senneterre biomass power plant. (Credit: マクフライ 腰抜け from Pixabay)
Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) announces an agreement for the sale of the 34.5 MW Senneterre power plant (the “Power Plant”), the last remaining biomass power generation asset in its portfolio. The power plant has been purchased by Resolu Forest Products Canada Inc. (NYSE: RFP) (TSX: RFP), an Abitibi- Témiscamingue-based company that has been a supplier of by-product for the Power plant for the past two years.
As laid out in its updated 2025 Strategic Plan, Boralex is looking to accelerate its growth in the wind, solar and storage sectors while optimizing its hydroelectric facilities. The sale of the Senneterre Power Plant is consistent with that ambition.
“Boralex’s core mission is to advance renewable energy, and the sale of this Power Plant furthers our efforts outlined in our Strategic Plan”, said Patrick Decostre, President and Chief Executive Officer of Boralex. “I want to thank all the employees for their work and their contribution to Boralex over the years. Their commitment to all our partners is what has allowed the Power Plant to remain an important employer in the region.”
From the outset, Boralex focused particular attention to the sustainability of the Power Plant and the associated jobs. For Boralex, it was important that the Power Plant’s operations be assumed by a company particularly familiar with the local environment, for the benefit of the plant’s employees, customers and suppliers as well as the town of Senneterre.
The Power Plant has a power purchase agreement with Hydro-Quebec and employees will be transferred to the purchaser. The transaction will be finalized following completion of all customary closing conditions, including receipt of Hydro-Québec’s consent.
Source: Company Press Release