October 2, 2012 - Financial releases
La Côte-de-Beaupré, Québec, October 2, 2012 – The second year of construction of the Seigneurie de Beaupré Wind Farms 2 & 3 is being completed on time and on budget. This project, valued at close to $800 million, will have 126 wind turbines and is one of the largest wind farms currently being built in Canada and the largest construction site in the Greater Quebec City area. The site, which employs more than 400 workers a day, has changed greatly since the groundbreaking ceremony in April 2011. Today, more than 30 wind turbine towers have been erected and over 75 km of the 115-km electrical collector system has been buried. Project commissioning is slated for December 2013.
The Seigneurie de Beaupré Wind Farms 2 & 3, built on private land owned by the Séminaire de Québec, will generate a total installed capacity of 272 MW, equal to the annual power consumption of more than 50,000 Québec households. The wind farm is contracted to deliver power to Hydro-Québec Distribution for a period of 20 years.
By the end of the second year of construction, all 140 km of roads and all of the foundations for the 126 wind turbines will be finished. About 10 cranes are currently in use on the site. This year, key projects include building the operations building and the substation to convert electricity from 34.5 kV to 315 kV for connection to the Hydro-Québec TransÉnergie grid.
This project, an initiative of the Boralex and Gaz Métro|Valener consortium, has brought more than $60 million to the Greater Quebec City area, including more than $12 million to the Côte-de-Beaupré regional county municipality (RCM).
“We are proud to be partners of this Québec project and are keen to see the start-up of this major project which is so important for renewable energy in Québec,” says Sophie Brochu, President and CEO of Gaz Métro.
“This project is the first of three on the largest tract of private land in the country with great potential for the wind power development. It is a concrete demonstration that the wind power industry has the wind in its sails in Québec,” adds Patrick Lemaire, President and CEO of Boralex.
Work at the site will continue into mid-November, as weather permits. Work will resume in the spring of 2013. An average of 400 workers per day will be at work on the site in 2013.
For more information about these projects, visit www.seigneuriedebeaupre.com.
About the Seigneurie de Beaupré Wind Farms
The Seigneurie de Beaupré Wind Farms, with a total contracted capacity of 366 MW, are as of today the largest wind power project in development in Canada. The first phase of 272 MW (Farms 2 & 3), which is expected to start up in late 2013, and the second phase of 69 MW (Farm 4), which is expected to start operating in late 2014, represent the projects of the Boralex and Gaz Métro/Valener consortium. In addition, the 25 MW Côte-de-Beaupré wind farm built by Boralex in partnership with the Côte-de-Beaupré RCM is expected to start up in 2015. www.seigneuriedebeaupre.com
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 500 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 over 550 MW of power that will be put in service between the middle of 2013 and the end of 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.
Overview of Valener
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 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
Overview of Gaz Métro
With almost $5 billion in assets as at June 30, 2012, Gaz Métro 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. Gaz Métro is also present in Vermont, where it is active in the electricity distribution and natural gas markets. Gaz Métro 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. Gaz Métro is committed to the satisfaction of its over 180,000 customers in Quebec and 295,000 customers in Vermont, its Partners (Gaz Métro inc. and Valener), its employees and the communities it serves. www.gazmetro.com
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