Boralex and Sun’Agri Team Up to Develop Agrivoltaics in Europe
Renewable energy producer Boralex Inc. (BLX) and Sun’Agri, pioneer and world leader in agrivoltaism, announced Monday a partnership to develop agrivoltaics in France and Europe to build new solar power plants protecting farms from growing climatic hazards.
This partnership takes the form of a 10-year framework contract during which Boralex will work exclusively with Sun’Agri for the development of agrivoltaic projects in the European Union.
After the violent spring frosts that hit agricultural crops in France, farmers need new solutions, such as agrivoltaics, as they adapt their practice to climate change. Agrivoltaism makes it possible to manage available sunshine and shade needs and to increase both the quality and crops’ productivity.
Nicolas Wolff, Vice-President and General Manager of Boralex, Europe, said, “At Boralex, we provide renewable and affordable energy for everyone. This is why we are very happy with the partnership signed with Sun’Agri. The alliance of our respective skills and values will allow us to adapt solar energy production to agricultural needs. Together, we will carry out agrivoltaic projects in Europe optimized for agriculture.” (See Boralex Inc stock analysis on TipRanks)
On May 25, Credit Suisse analyst Andrew Kuske kept a Hold rating on BLX but lowered its price target to C$43.00 (from C$48.00). This implies 9% upside potential.
Consensus among analysts is that BLX is a Moderate Buy based on 5 Buys and 2 Holds. The BLX average analyst price target of C$51.19 implies 30% upside potential to current levels. Shares have gained approximately 40% over the past year.
TipRanks’ Smart Score
BLX scores a 7 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock returns are likely to perform in line with the overall market.
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