May 5, 2008 - Financial releases
Montreal, Quebec, May 5, 2008 – Boralex inc. and Gaz Métro Limited Parnership (the “Consortium”) are pleased to announce that the Consortium has won two wind power projects totaling an installed capacity of 272 megawatts, following a call for tenders by Hydro-Québec.
These two wind farms, located on the private property of Séminaire de Québec, will be operational by the end of 2013 at the latest. The Seigneurie de Beaupré, host of the Consortium projects, gives them distinctive advantages. In fact, it offers exceptional wind fields due to the quality of the wind itself. This site is located outside any urban or residential area: 60 km north-east of Québec City and 15 km north of Saint-Tite-des-Caps. Therefore, the visual and noise impacts of these two farms will be almost inexistent for the surrounding communities. Furthermore, the forestry operations already held on this site over the last few years will contribute to the integration of these projects in a respectful manner to the environment, to the fauna and the flora of the area as roads to the sites already exist.
The Consortium has teamed up with Enercon, a world-renowned leading manufacturer in the wind power sector. Enercon plans on opening a factory of high quality wind power components in Quebec. Boralex already benefits from Enercon's expertise. More than half of Boralex's wind power installations operate with Enercon's technology. This relationship has so far been very successful.
The sale of electricity to Hydro-Québec, a company with solid financial background, will ensure the reliability of the revenues generated by these projects.
“This breakthrough in wind power in Quebec represents a great day for Boralex and its partners. The wind farms of Seigneurie de Beaupré are the result of a close relationship with Séminaire de Québec. Without their open-mindedness and input, we would never have been able to propose such quality projects”, said Patrick Lemaire, President and Chief Executive Officer of Boralex.
“Boralex and Gaz Métro, two Quebec-based companies, are proud to join their expertise in realizing high scale energy projects in order to develop renewable energy production for the province. This is a unique alliance that boasts very well for the future”, added Sophie Brochu, President and Chief Executive Officer of Gaz Métro.
Since the Consortium has already completed and filed its environmental impact study with the Ministère du Développement durable, de l'Environnement et des Parcs, it should soon be made public. A new Web site will shortly be online (www.seigneuriedebeaupre.com) and will contain all pertinent information on the wind farms of Seigneurie de Beaupré.
Boralex is a major private electricity producer whose core business is the development and operation of power stations that run on renewable energy. Employing close to 300 people, the Corporation owns and operates 21 power stations with a combined installed capacity of 351 MW in Quebec, the northeastern United States and France. Boralex is distinguished by its leading expertise and long experience in three types of power generation - wind, hydroelectric and thermal. The Boralex shares trade on the Toronto stock exchange under the ticker symbol BLX. www.boralex.com
In addition, Boralex holds a 23% interest in Boralex Power Income Fund which owns 10 power stations in Quebec and the United States with an installed capacity of close to 190 MW. Management of the Fund's assets is provided by Boralex.
About Gaz Métro
With more than $3.3 billion of assets and approximately 1,300 employees in Quebec, Gaz Métro is a leading Quebec energy company and one of Canada's largest natural gas distributors. Gaz Métro serves about 171,000 customers in Quebec through an underground pipeline network of almost 10,000 km.
Gaz Métro is active in New England's energy industry through Vermont Gas Systems, the sole natural gas distributor in Vermont, and Green Mountain Power Corporation, the second largest electricity distributor in that State.
Gaz Métro is also active in natural gas transportation and storage as well as in energy services.