MONTREAL, Feb. 2 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") announced today that its wood-residue thermal power stations in the United States now all qualify for the Biomass Crop Assistance Program (BCAP). This U.S. federal program set up under the Obama administration's green policies offers subsidies to wood-residue suppliers for converting biomass into, among other things, electrical energy.
Boralex is also pleased to announce that it has signed the necessary agreements with its suppliers and achieved significant savings. The Corporation will be reducing its wood-residue supply costs by about US$12 million per year, for a period of two years.
"The supply agreements cover about 80% of all of Boralex's supply needs, or close to 1.4 million tonnes of wood residue. This program shows the willingness of the U.S. administration and Congress to promote the development of green energy," said Patrick Lemaire, President and Chief Executive Officer of Boralex.
Boralex is a major private electricity producer whose core business is the development and operation of power stations that generate renewable energy.
Employing over 300 people, the Corporation owns and operates 29 power stations with a total installed capacity of 417 MW in Canada, in the Northeastern United States and in France. In addition, the Corporation has close to 300 MW of power projects under development. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal.
Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex.
Boralex shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbol BLX.
More information is available at www.boralex.com or www.sedar.com.
SOURCE Boralex Inc.
For further information: For further information: Ms. Sophie Paquet, Communications Advisor, Boralex Inc., (514) 985-1353, firstname.lastname@example.org