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Wind turbines that make up a part of the Boralex Wind Farm in Lincoln Township, Niagara Peninsula in Ont. on July 17, 2018.

Peter Power

Boralex Inc. says it has signed a deal to buy the 49-per-cent stake in three Quebec wind farms it does not already own from the Caisse de dépôt et placement du Québec.

The company will pay $121.5-million in cash plus up to an additional $4-million subject to certain conditions that need to be met.

The wind farms, in the Avignon Regional County Municipality in Gaspésie and the Appalaches RCM in Eastern Quebec, have long-term power purchase agreements with Hydro-Québec Distribution, expiring between 2032 and 2033.

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CDPQ’s stake represents 145 MW net installed capacity and the three wind farms represent a total capacity of 296 MW.

The deal is expected to close at the end of November, subject to standard closing conditions.

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