12:58 PM EST, 12/23/2024 (MT Newswires) -- (Updates shares at end of story, and adds analyst commentary in the second and third paragraphs of the story)

Boralex ( BRLXF ) on Monday entered a joint venture for the development, construction and operation of the proposed 145MW Clashindarroch Wind Farm Extension and adjacent 50MW Battery Energy Storage System, for a total capacity of 195MW.

National Bank of Canada -- which has an Outperform rating on the stock -- noted Boralex ( BRLXF ) was growing its pipeline with this JV in the UK.

"We view the news positively, with BLX extending its track record of delivering on organic growth. Our target of $46 per share is based on a long-term DCF with a cost of equity of 7.5%," said National Bank of Canada Chief Financial Analyst, Rupert Merer.

A statement noted the project is located near Dufftown in Moray, Scotland, and the company had been developing this project for a number of years on behalf of Clashindarroch Wind Farm Extension Ltd.

Esbjorn Wilmar, Country Director of Boralex ( BRLXF ) in the UK, said: "We are delighted to have become co-owners of this exciting project. We already have extensive experience in the area through the initial development of the 177MW Dorenell Wind Farm. We now look forward to taking Clashindarroch Wind Farm Extension through the remaining stages of development."

Nicolas Wolff, Executive VP and General Manager of Boralex Europe, said: "This latest achievement by our UK team will enable us to accelerate the deployment of our Strategic Plan. Through this joint venture, we are adding to our already solid portfolio, supported by our organic developments and the recent acquisition of the 50MW Sallachy wind project."

Boralex ( BRLXF ) said it submitted a Section 36 application to the Scottish Government after the UK government, earlier this month, unveiled its Clean Power Action Plan, which aims to unlock 40 billion pounds annually from the private sector for investments in infrastructure and renewable energy. The Clashindarroch Wind Farm Extension application consists of up to 22 wind turbines each with an installed capacity of up to 6.6MW, as well as a battery storage facility of up to 50MW, the company added.

Shares of the company were last seen down $0.12 or 0.4%, at $29.09 on the TSX.

Price: 29.07, Change: -0.14, Percent Change: -0.48