CÔTE-DE-BEAUPRÉ, QC, July 3, 2014 /CNW Telbec/ - After three years of
construction, Boralex Inc. ("Boralex"), Gaz Métro Limited Partnership
("Gaz Métro") and Valener Inc. ("Valener") are pleased to officially
open Phase I of the Seigneurie de Beaupré Wind Farms, a 272-MW project
commissioned in December 2013 and one of the biggest wind farms in
Canada. In recognition of this important milestone, a ceremony was held
at the foot of one of the project's tallest turbines earlier today in
the presence of Caroline Simard, Member for Charlevoix-Côte-de-Beaupré,
representing the Minister of Energy and Natural Resources and Minister
responsible for the Northern Plan, Pierre Arcand, Sophie Brochu,
President and CEO of Gaz Métro, Patrick Lemaire, President and CEO of
Boralex, and Jacques Roberge, General Superior of the Séminaire de
Québec, as well as numerous elected officials, entrepreneurs
representing the region and special guests.
"We are very proud to celebrate the entry into service of Phase I of the
Seigneurie de Beaupré Wind Farms, particularly in light of the
project's substantial economic spin-offs. Our 100% Quebec-based
consortium has invested over $750 million to carry out this project,
and over $360 million has been invested in other homegrown companies.
The success of this initiative can be gauged by the logistical efforts
made, but especially by the remarkable degree of cooperation shown by
all project stakeholders," stated Sophie Brochu and Patrick Lemaire.
"I would like to congratulate the promoters of this project, which was
developed in an environmentally responsible manner and is a significant
project for the Côte-de-Beaupré region. The two wind farms alone will
be able to generate enough clean energy to supply annually 50,000
households. This is green energy that will be renewable for years to
come," said Caroline Simard.
With a total installed capacity of 272 MW, the 126 turbines that make up
Phase I have been supplying renewable energy to Québec's power grid
since they were commissioned in late 2013 and are expected to continue
doing so for the next 20 years.
Key figures on Phase I (272 MW) of the Seigneurie de Beaupré Wind Farm:
The project generates enough electricity to power 50,000 Québec homes.
It took more than 1.5 million person-hours to erect the 126 turbines.
Phase I represents a total investment of $750 million, including
$360 million in Québec, $205 million in the Capitale-Nationale region
and $28 million in the Côte-de-Beaupré region.
Over 30 companies from the Côte-de-Beaupré region took part in
construction of the project's first 272-MW phase.
140 kilometres of roads were built to provide access to the 126 wind
60,000 tonnes of concrete were used to lay the foundations, and 43
cranes were needed to erect them.
A 180-kilometre underground collector system to carry the electricity to
a single 315-kV substation.
The project's 68-MW second phase is expected to be commissioned in 2014,
with the 25-MW community project anticipated to come online in 2015.
Once completed, the development will be one of Canada's biggest wind
For more information, please visit the Seigneurie de Beaupré Wind Farms
site at: www.seigneuriedebeaupre.com
About the Seigneurie de Beaupré Wind Farms
The Seigneurie de Beaupré Wind Farms, with a total contracted capacity
of 365 MW, currently constitute one of Canada's largest wind power
projects. The first phase of 272 MW (Farms 2 & 3), commissioned in late
2013, and the second phase of 68 MW (Farm 4), set to begin operating at
the end of 2014, are projects of the Boralex and Gaz Métro/Valener
consortium. Furthermore, the 25 MW Côte-de-Beaupré wind farm built in
partnership by Boralex and the Côte-de-Beaupré RCM is expected to start
operating 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 650 MW in Canada, France and the Northeastern
United States. Boralex is also committed under power development
projects, both independently and with Canadian and European partners,
to add approximately 250 MW of power that will be put in service by 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.
Some of the statements contained in this press release, including those
regarding future results and performance, are forward-looking
statements based on current expectations, within the meaning of
securities legislation. Boralex would like to point out that, by their
very nature, forward-looking statements involve risks and uncertainties
such that its results or the measures it adopts could differ materially
from those indicated by or underlying these statements, or could have
an impact on the degree of realization of a particular projection. The
main factors that could lead to a material difference between the
Corporation's actual results and the projections or expectations set
forth in the forward-looking statements include, but are not limited
to, the general impact of economic conditions, raw material price
increases and availability, currency fluctuations, volatility in the
selling price of electricity, the Corporation's financing capacity,
negative changes in general market conditions and regulations affecting
the industry, as well as other factors discussed in the Corporation's
filings with the various securities commissions.
There can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by forward-looking
statements. The reader is cautioned not to place undue reliance on such
forward-looking statements. Unless required to do so under applicable
securities legislation, Boralex management does not assume any
obligation to update or revise forward-looking statements to reflect
new information, future events or other changes.
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. www.gazmetro.com
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.
SOURCE: Boralex Inc.
For further information:
Director, Public Affairs and Communications
Senior Advisor, Public Affairs
Cabinet of the Minister of Energy and Natural Resources and Minister
responsible for the Northern Plan
Minister responsible for the Lanaudière and the Laurentides regions
Director, Investor Relations
Senior Advisor, Investor Relations