MONTREAL, June 27, 2012 /CNW Telbec/ - Valener Inc. ("Valener") (TSX:
VNR) is pleased to announce that Gaz Métro Limited Partnership ("Gaz Métro"), through its wholly owned
subsidiary, Northern New England Energy Corporation ("NNEEC"), has
today completed the acquisition of Central Vermont Public Service
Corporation ("CVPS"), the largest electricity distributor in Vermont.
It is expected that CVPS will consolidate in the coming months its
operations with those of Green Mountain Power Corporation ("Green
Mountain Power"), the second-largest electricity distributor in the
State, acquired by Gaz Métro in 2007.
"We are pleased that Gaz Métro has successfully completed its
acquisition of CVPS. Valener salutes and supports this growth
initiative which is directly in line with Gaz Métro's strategic plan,"
said Pierre Monahan, Chairman of the Board of Valener.
"In regard to its acquisition of CVPS, Valener will contribute
approximately $75 million to Gaz Métro's capital, equal to its interest
in Gaz Métro, which will enable it to participate significantly in the
growth of the latter's activities," Mr. Monahan continued.
Valener in brief
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 may also pursue
its own development projects and acquisition strategies subject to a
non-competition agreement in favour of Gaz Métro and to applicable
limitations under its credit facility. Valener's common shares are
listed on the Toronto Stock Exchange under the "VNR" trading symbol. www.valener.com.
Gaz Métro in brief
With the acquisition of CVPS, the value of Gaz Métro's assets is now
close to $5 billion. Gaz Métro is a major energy distributor. It owns
the only gas distributor in Vermont and is the major natural gas
distribution company in Québec, where its more than 10,000-km
underground distribution network serves some 300 municipalities. Gaz
Métro is also involved in the electricity distribution market, in the
transportation and storage of natural gas, as well as in the
development of innovative energy projects such as wind power, natural
gas as a fuel for the transportation industry and biomethanation.
Gaz Métro is dedicated to satisfying its 180,000 Quebec and 295,000
Vermont customers it serves, as well as its Partners: Valener and Gaz
Métro inc. www.gazmetro.com
CVPS in brief
CVPS, the largest electricity distribution company in Vermont, serves
some 160,000 customers in 163 towns and municipalities. It has been
awarded the national Emergency Recovery Award from the Edison Electric
Institute on four occasions, and has been ranked among the most
reliable U.S. companies by Forbes magazine for more than five years.
Green Mountain Power in brief
Green Mountain Power produces, transmits, distributes and sells
electricity in Vermont and is a leader in the production of wind and
solar energy. It serves more than 95,000 customers. www.greenmountainpower.com
Cautionary note regarding forward-looking statements
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 of Gaz Métro inc., as general partner of
Gaz Métro, acting in its capacity as manager of Valener pursuant to an
administration and management support agreement entered into between
Valener and Gaz Métro on September 30, 2010 (the "management of the
manager"), and are based on information currently available to the
management of the manager and assumptions about future events. Such
forward looking statements include statements relating to the merger of
CVPS with Green Mountain Power and the expansion and growth of CVPS and
Green Mountain Power's operations and potential synergies resulting
from the merger. Forward-looking statements involve known and unknown
risks and uncertainties and other factors beyond the control of the
management of the manager. A number of factors could cause actual
results of Valener and Gaz Métro to differ significantly from the
current expectations as expressed in the forward-looking statements,
including, but not limited to the terms of the decisions rendered by regulatory agencies, the general
economic conditions, the competitiveness of natural gas in relation to
other energy sources, the reliability of natural gas supplies, the
integrity of the natural gas distribution system, the exchange rates
fluctuations, the evolution of development projects, the capability to
materialize attractive acquisitions, as well as obtaining related
financing and effecting integration, the capability to obtain future
financing and other factors described in the Annual Information Form of
Valener for the year ended September 30, 2011 under the item "Risk
Although these forward-looking statements are based upon what the
management of the manager believes to be reasonable assumptions, the
management of the manager 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 the management of the manager assumes 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 is included in the Management Discussion & Analysis of
Valener dated May 11, 2012. This document is available on SEDAR at www.sedar.com and on Valener's website at www.valener.com.
SOURCE VALENER INC.
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