Canadian energy company Boralex has signed an agreement to acquire French wind power firm Kallista Energy Investment for C$202m (€129.4m) along with assumption of €94m (C$146.7m) in project debt.

Kallista Energy Investment has a portfolio of 163MW of wind power plants in operation with an average remaining life of 8 years under contract.

The company also has a 10MW ready-to-build project and a portfolio of projects totalling about 158MW.

The acquisition is expected to bring Boralex’s potential in Europe to about 1GW, excluding 152MW projects in France outlined in its growth plan.

By integrating Kallista’s assets, Boralex expects to attain synergies in its development and operations teams in the medium term.

Boralex president and CEO Patrick Lemaire said: “This transaction is very strategic and beneficial for Boralex and will strengthen our position as France’s largest independent producer of onshore wind power and allow us to take full advantage of our unique and integrated model as developer, prime contractor and operator of our projects.

“Boralex will enjoy a number of operational synergies and significantly improve its growth prospects in light of the very ambitious renewable energy development goals set by the French government.”

Boralex will acquire Kallista Energy Investment from Ardian, which holds 100% stake in the wind producer through its third generation infrastructure fund.

The Kallista platform also specializes in replacing old windmills with new powerful turbines and a more advanced technology.

Kallista Energy Investment president Frédéric Roche said: “We are particularly satisfied to have partnered with Ardian in the consolidation of the wind sector in France. We have developed a strong relationship with the Ardian team, which has brought invaluable support specifically in the execution of complex transactions.”

The acquisition is expected to close by the end of this June, if regulatory approvals and other customary closing conditions are met.

In October last year, Boralex had formed 50:50 joint venture with Infinergy to develop 325MW onshore wind projects in Scotland.