Boralex Announces Acquisition of 50 MW Wind Power Project in Quebec
MONTREAL, March 27, 2012 /PRNewswire/ – Boralex Inc. (“Boralex” or the
“Corporation”) announces the acquisition of an electricity supply
agreement (the “Agreement”) for a wind power project with an installed
capacity of 50 megawatts. Boralex intends to develop this project in
the TÃ©miscouata Regional County Municipality (RCM) in QuÃ©bec.
Patrick Lemaire, President and CEO of Boralex, says that “the
announcement of this new project shows Boralex’s strong positioning in
the Canadian wind power segment, and our growth in this sector. Capital
needed to develop this project will come in part from the proceeds of
the recent sale of our US thermal power assets; allowing us to pursue
our strategy of developing assets that come with power purchase
agreements, particularly in the wind and hydropower segments.”
Hydro-QuÃ©bec has approved the Agreement’s transfer by Venterre NRG Inc.
to Boralex. The 20-year contract was awarded in response to the
Hydro-QuÃ©bec Distribution 2008 call for proposals for 2,000 MW of wind
power, and start up is slated for late 2015. Boralex plans to build the
wind farm on land that is publicly owned by Saint-ElzÃ©ar-de-TÃ©miscouata
and Saint-HonorÃ©-de-TÃ©miscouata, and is adjacent to the community wind
power project currently being developed by Boralex in partnership with
the TÃ©miscouata RCM. The RCM and the towns of
Saint-ElzÃ©ar-de-TÃ©miscouata and Saint-HonorÃ©-de-TÃ©miscouata have shown
their support for the project by passing a resolution agreeing to
construction of the wind farm on their territory.
The project remains subject to the necessary prior approvals, including
the required regulatory permits, the signing of a firm agreement with
the turbines supplier and the financing.
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.
SOURCE BORALEX INC.