December 11, 2013 - Press releases
Montréal, Québec, December 11, 2013 – Boralex Inc. (“Boralex”), Gaz Métro Limited Partnership (“Gaz Métro”) and Valener Inc. (“Valener”) have confirmed the commercial commissioning of an additional 141 MW to the Seigneurie de Beaupré Wind Farms project, thus finalizing the first phase of the project, totalling 272 MW.
These 141 MW (64 turbines), added to the 131 MW (62 turbines) commissioned last November 28th, will allow for the 126 turbines of the 272 MW Phase I by the Quebec Consortium to supply Quebec power grid over the next 20 years.
Highlights of the 272 MW Phase I of the Seigneurie de Beaupré Wind Farms:
In 2014, the 68 MW of the second phase of the project should be commissioned and, in 2015, the 25 MW of the community project should be added to the site, making it one of the largest in Canada.
For more information, please visit the Seigneurie de Beaupré Wind Farms.
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 at www.sedar.com