MONTRÉAL, Oct. 29, 2013 /CNW Telbec/ - Boralex Inc. ("Boralex"), Gaz
Métro Limited Partnership ("Gaz Métro") and Valener Inc. ("Valener")
announce the completion of a non-recourse financing totalling
$166.1 million for Phase II of the Seigneurie de Beaupré Wind Farms.
This project, valued at approximately $200 million, has an installed
capacity of 68 MW with commissioning scheduled for late 2014.
"The financing for Phase II is a major milestone in the development of
the Seigneurie de Beaupré Wind Farms which, on completion, will be
among the largest wind power projects in Canada," said Boralex
President and CEO Patrick Lemaire and Gaz Métro President and CEO
Sophie Brochu. "The economic benefits of Phase II, estimated at
$14 million, will be in addition to the $117 million generated to date
by the project's Phase I in the greater Québec City area," added
Mr. Lemaire and Ms. Brochu.
Total financing, amounting to $166.1 million, consists of:
A $142.4 million construction loan, to be converted into a fixed-rate
term loan amortized over a 19.5-year term after the beginning of
commercial operations scheduled for December 2014, and
A short-term bridge financing and a letter of credit facility, totalling
$23.7 million, for purposes of financing certain costs incurred during
construction that are reimbursable by Hydro-Québec and issuing various
letters of credit.
With this financing and given the investments and the commitments
undertaken by the partners Boralex, Gaz Métro and Valener, Phase II of
the Seigneurie de Beaupré Wind Farms is now fully funded.
The group of lenders consists of Sun Life Financial, KfW IPEX-Bank and
Industrial Alliance Insurance and Financial Services Inc.
Construction of Phase II, comprising 28 Enercon turbines, is already
underway onsite, involving over 200 workers with a view to building all
of the access roads, the wind turbine foundations and most of the power
collector systems in 2013. In 2014, work will continue to complete the
collector systems, erect the towers, assemble the turbines and install
the substation electrical equipment for commissioning scheduled in
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, are as of today the largest wind power project in
development in Canada. The first phase of 272 MW (Farms 2 & 3), which
is expected to start up 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 almost 500 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 550 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
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 10,000 km
underground network of pipelines serves 300 municipalities and more
than 185,000 customers. Gaz Métro is also present in Vermont, producing
electricity and distributing electricity and natural gas to cater to
the needs to some 300,000 customers. Gaz Métro is actively involved in
the development of innovative, sustainability-oriented energy projects
such as the production of wind power, the use of natural gas as a
transportation fuel and the development of biomethane as a renewable
energy source. Gaz Métro is committed to ensuring the satisfaction of
its customers, providing support to businesses, local organizations,
families and communities, and meeting the needs of its partners (Gaz
Métro inc. 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, 2012 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
Director, Investor Relations
Senior Advisor, Investor Relations