MONTRÉAL, Oct. 29,
2013 /PRNewswire/ - 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 December
2014.
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.
About Boralex
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 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 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.