September 28, 2012 - Press releases
Montréal, September 28, 2012 – Énergir inc. (“GMi”), as General Partner of Énergir Limited Partnership (“Énergir”), is pleased to announce that Énergir completed an equity offering by issuing by way of a private placement 5,000,000 new units from its treasury at a price of $15.00 per unit to GMi and Valener Inc. (“Valener”), pro rata based on their respective share of units outstanding, for aggregate gross proceeds of $75 million. The proceeds of the offering will be used to fund a portion of the development of Green Mountain Power Corporation’s Kingdom Community Wind project in Vermont and for general corporate purposes.
GMi financed its subscription of new units by way of issuance of common shares to Noverco Inc. for gross proceeds of approximately $53 million.
Overview of Valener
Valener owns an economic interest of approximately 29% in Énergir. Valener therefore has a stake in the energy industry and benefits from Énergir’s diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects developed with Énergir 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
Overview of Énergir
With almost $5 billion in assets as at June 30, 2012, Énergir is a major energy distributor. It is the principal natural gas distributor in Quebec, where its more than 10,000-km underground distribution network serves some 300 municipalities. Énergir is also present in Vermont, where it is active in the electricity distribution and natural gas markets. Énergir is actively involved in the development of innovative energy projects such as the production of wind power, the use of natural gas as a fuel for transportation, and the promotion of biomethane. Énergir is committed to the satisfaction of its over 180,000 customers in Quebec and 295,000 customers in Vermont, its Partners (GMi and Valener), its employees and the communities it serves.
Overview of GMi
GMi mainly holds an economic interest of approximately 71% in Énergir, for which it acts as the General Partner and a financing vehicle.
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