The announcement comes just two weeks after Boralex entered into a partnership with Luxembourg-based Cube Infrastructure Fund to help finance its acceleration into wind and solar projects across Europe.

Under the terms of the deal, Cube will subscribe to a capital increase worth up to €33m ($47m), and will then hold a 30% stake in Boralex’s European assets.

Based in Quebec, Boralex owns 22 power stations across Canada, the US and France, including seven hydroelectric plants.

Boralex will pay C$115m ($110m) for the three Theolia projects. The deal encompasses one 7MW wind farm that has been operational since 2006, and two others totalling 37MW that are slated for commissioning in mid-2010.

Boralex describes Europe’s political climate as “highly favourable to the development of the renewable-energy industry”.

The sale puts Theolia past its target to sell off wind farms totalling at least 200MW in 2009. Theolia has been on the ropes since the financial crisis left it dangerously overleveraged and undercapitalised in 2008.

On 29 December Theolia announced it had struck a deal with its creditors that will allow it to postpone its repayment by at least three years.