November 28, 2013 - Press releases
Montréal, Québec, November 28, 2013 – Boralex Inc. (“Boralex”), Gaz Métro Limited Partnership (“Gaz Métro”) and Valener Inc. (“Valener”) are pleased to announce commercial commissioning of the first 131 MW of the Seigneurie de Beaupré Wind Farms within the projected time frame.
“After more than eight years of hard work by the Boralex and Gaz Métro teams, we are proud that the first 62 turbines are supplying green energy to Québec's power grid,” stated Sophie Brochu, President and Chief Executive Officer of Gaz Métro, and Patrick Lemaire, President and Chief Executive Officer of Boralex. Within the next few days, an additional 141 MW will also be commissioned, thereby completing the largest phase of the Seigneurie de Beaupré Wind Farms.
We would like to highlight the vital contribution of many actors who made possible the commissioning of the 272 MW Phase I on schedule: Séminaire de Québec, the owner of the land; Borea, the contractor responsible for construction of the roads, collector systems and the substation; Enercon, the turbine manufacturer of the 126 wind turbines; and elected officials of the region and a large number of local enterprises.
Mr. Jacques Roberge, Superior General of the Séminaire de Québec, noted that, “concluding this important step on schedule is proof that we are working with quality partners, Québecers no less, and we are extremely happy that we will be continuing a long-term relationship with them to operate and develop the site.”
Highlights of the 272 MW Phase I of the Seigneurie de Beaupré Wind Farms:
Ms. Brochu and Mr. Lemaire underscored that, “2013 marks the closing of the most significant portion of the work on the Seigneurie de Beaupré property. In 2014, Phase II, with a capacity of 68 MW, will be commissioned, and in 2015 the 25 MW community project will complete this wind farm, one of the largest in Canada.”
For more information, please visit the Seigneurie de Beaupré Wind Farms site.
About the Seigneurie de Beaupré Wind Farms
The Seigneurie de Beaupré Wind Farms, with a total contracted capacity of 365 MW, are, as of today, one of the largest wind power projects in development in Canada. The first phase of 272 MW (Farms 2 & 3), comissionned in late 2013, and the second phase of 68 MW (Farm 4), which is expected to start operating in late 2014, represents the projects of the Boralex and Gaz Métro|Valener consortium. In addition, the 25 MW Côte-de-Beaupré wind farm built in partnership by Boralex and the Côte-de-Beaupré RCM is expected to start up in 2015.
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 600 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 300 MW of power that will be put in service between 2013 and 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.
Certain statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in electricity selling prices, the company's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors listed in the Company's filings with different securities commissions.
About Gaz Métro and Valener
With more than $5 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 190,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player who takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees.
Valener owns an economic interest of approximately 29% in Gaz Métro. Valener therefore has a stake in the energy industry and benefits from Gaz Métro's diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects jointly developed with Gaz Métro and Boralex Inc. on the private lands of Séminaire de Québec. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the “VNR” trading symbol for common shares and under the “VNR.PR.A” symbol for Series A preferred shares. www.valener.com
Certain statements contained in this press release may be forward-looking pursuant to applicable securities laws. Such forward-looking statements reflect the intentions, plans, expectations and opinions of the management (the “Management”) of Gaz Métro inc. acting in its capacity as General Partner of Gaz Métro and are based on information currently available to Management and assumptions about future events. Forward-looking statements involve known and unknown risks and uncertainties and other factors outside Valener or Gaz Métro's control. A number of factors could cause actual results of Valener and Gaz Métro to differ materially from the current expectations as expressed in the forward-looking statements.Although these forward-looking statements are based upon what Management believes to be reasonable assumptions, Valener and Gaz Métro cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Valener and Gaz Métro assume no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws. You are cautioned not to place undue reliance on these forward-looking statements. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect Valener's and Gaz Métro's actual results are included in the Management's Discussion and Analysis for the year ended September 30, 2013 of Valener and Gaz Métro, and in Valener's disclosure filings. These documents are available on SEDAR.