Last updated on April 19, 2014 at 18:42 EDT

The Seigneurie de Beaupre wind farms win an international prize for their financing

January 31, 2012

MONTREAL, Jan. 31, 2012 /PRNewswire/ – On January 25, at the 2011
Project Finance International (PFI) Awards in London, England,
representatives of Boralex Inc. (Boralex), Gaz Métro Limited
Partnership (Gaz Métro) and Valener Inc. (Valener) accepted a prize for
the $725 million financing of the first phase of the Seigneurie de
Beaupré wind farms, which closed on November 8, 2011. The financing won
the Americas Renewables Deal of the Year award, standing out for its
unique structure as well as for bringing in Canadian funds, atypical
investors in this type of project financing. The PFI awards are part of
the Thomson Reuters Awards for Excellence in recognition of corporate
and individual success in the global financial sector.

It will be recalled that a tranche of $260 million of the financing is
covered by a guarantee offered to the lenders by the Federal Republic
of Germany through Euler-Hermes, its export credit agency.

“The support of Québec funds, usually absent in this type of financing,
as well as that of foreign institutions, in the current tumultuous
financial markets, reflect the exceptional character of our wind site,
and also the quality and unique composition of our financing
structure,” said Patrick Lemaire, President and Chief Executive Officer
of Boralex, and Sophie Brochu, President and Chief Executive Officer of
Gaz Métro.

The original group of lenders is composed of: KfW IPEX-Bank, Bank of
Tokyo-Mitsubishi UFJ, Deutsche Bank, Sumitomo Mitsui Banking
Corporation, Landesbank Baden-Württemberg, Mizuho Corporate Bank,
Siemens Financial and the Caisse de dépot et placement du Québec.
Following the closing of the financing, three financial institutions
joined the group of lenders: Investissement Québec, DZ Bank and AKA
Bank, some of the original lenders having assigned a portion of their

About the Seigneurie de Beaupré Wind Farms
The Seigneurie de Beaupré Wind Farms, with a total contracted capacity
of 366 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 69 MW
(Farm 4), which is expected to start operating in late 2014, represent
the projects of the Boralex and Gaz Métro/Valener consortium. In
addition, the 25 MW Cote-de-Beaupré wind farm built by Boralex in
partnership with the Cote-de-Beaupré RCM is expected to start up in

About Boralex
Boralex is a power producer whose core business dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of nearly 500 MW in Canada, the Northeastern United States and
France. Boralex is also committed under power development projects,
both independently and with European and Canadian partners, to add
approximately 400 MW of power. 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 more
recently, 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.

About Gaz Métro and Valener
With over $3.7 billion in assets, Gaz Métro is Quebec’s leading natural
gas distributor. Its 10,000 kilometre network serves 300
municipalities. Gaz Métro has operated in this regulated industry since
1957 and is the trusted energy provider of its customers in Quebec and
Vermont, who choose natural gas for its competitive price, efficiency,
comfort and environmental benefits. Gaz Métro is also present in the
electricity distribution market, natural gas transportation and
storage, the development of innovative energy projects such as wind
power, natural gas as fuel for the transportation industry and
biomethanation. Gaz Métro is committed to the satisfaction of its
customers, Partners (Gaz Métro inc. and Valener), employees and the
communities it serves.

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 an indirect interest of 24.5% in
the wind power projects developed with Gaz Métro and Boralex 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.


Source: PR Newswire