The power producer Boralex Inc. said that it has decided to withdraw from a consortium bidding for the Dunkirk Offshore Wind Farm tender.
"Boralex has determined, after a careful review amid changes in tender's competitive conditions and risk profile, that its interest in the consortium no longer satisfies its investment criteria," said a statement from Boralex.
Through the Joint Venture Agreement entered into with the other members of the consortium, Boralex has an option to sell its participation in the project to its current partners – Eneco, Van Oord and Diamond Generating Europe.
Therefore, Boralex will exercise its option to sell its interest to the other members of the consortium immediately after the tender being definitively awarded and once it is able to in accordance with the terms of the option and in compliance with the tender and French state rules and the agreements governing the consortium.
Boralex will remain a party to the consortium until it has sold its interest in the project to the other members of the consortium pursuant to the option.
However, Boralex will continue to assist in the development of the project, both as a member of the consortium and thereafter as a non-member.
Accordingly, the consortium continues to strongly believe in the prospects and the success of this bid for this very important project for the French Energy Transition.