Last updated on April 20, 2014 at 8:28 EDT

Funding for Seigneurie de Beaupre 2 & 3 wind farms again rewarded on the international scene

March 6, 2012

MONTREAL, March 6, 2012 /PRNewswire/ – On March 1(st), at the Project Finance Americas Deals of the Year 2011 Award Dinner,
held in New York City, representatives of Boralex Inc. (Boralex), Gaz
Métro Limited Partnership (Gaz Métro) and Valener Inc. (Valener)
accepted a prize for the complex financing structure of the Seigneurie
de Beaupré 2 & 3 wind farms. This award is in addition to the one
received at the 2011 Project Finance International (PFI) Awards in
London last January 25.

Rewarded as the North American Wind Deal of the Year 2011, the first
phase of this wind project, characterised by 20-year power purchase
agreements, led to a financing of $725 million, which closed on
November 8, 2011. 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

The financing of the Seigneurie de Beaupré 2 & 3 wind farms is standing
out for its unique structure, as well as for bringing in atypical
investors in this type of project financing. This truly complex
financing is probably the largest ECA financing ever for a North
American renewables project, as mentioned by Project Finance Magazine.

“The support of Québec funds – Caisse de dépôt et placement du Québec
and Investissement Québec-, usually absent from this type of financing,
as well as that of foreign institutions, in the tumultuous financial
markets experienced in 2011, reflect our creative effort to find new
debt sources, but also the exceptional quality and the 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 dépôt 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

Through its Deals of the Year Awards, Project Finance has, for the past
13 years, rewarded deals concluded in the Americas. This year, winners
in the 20 categories were selected based on criteria such as
innovation, problem solving, risk mitigation and value for money. All
deals were vetted via a weighting system by a panel of journalists from
Project Finance Magazine and independent industry representatives. Each
year, an average of 300 to 350 of the best deals are reviewed for these

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 Côte-de-Beaupré wind farm built by Boralex in
partnership with the Côte-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. 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 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. www.valener.com


Source: PR Newswire