Creation of Boralex École Inc.
SGF and Boralex join forces to make a major breakthrough in the development of wind energy in Québec
Montréal, March 10, 2003 - The Société générale de financement du Québec (SGF), through its subsidiary SOQUIP Énergie, and Boralex announce the creation of a new joint venture to develop wind energy production sites in Québec.
The new entity is based on a mutual exclusivity agreement binding on the two parties covering all aspects: studies, financing, construction, commissioning and the operation of wind energy facilities.
The Boralex-SOQUIP association is a major breakthrough for the development of wind energy in Québec. The goal of the new corporation, Boralex Éole Inc., will be to promote wind energy and produce green, clean, renewable energy. The two partners also want to maximize regional economic spinoffs by working with the agreements already in place in the areas where the projects will be developed.
"This exclusive business partnership creates a new company focusing on the development of Québec wind energy, a credible company that has outstanding engineering and operating know-how. I know that we can make a quality contribution to the regions suitable for wind farms", said Jacques Gauthier, president and CEO of Boralex Inc.
"With the creation of Boralex Éole Inc. and the resulting work, we will not only be able to meet Québec’s energy needs, but also develop new expertise and new jobs in the production and assembly of the equipment needed to build wind farms", said Claude Blanchet, Chair of the Board, President and Chief Executive Officer of SGF.
The first step for Boralex Éole Inc., owned 60% by Boralex and 40% by SOQUIP, will be to conduct a wind monitoring study to evaluate the energy potential in certain parts of the Lower St. Lawrence and the Gaspé. The aim is to respond to an anticipated request for proposals from Hydro-Québec Distribution with a view to generating 1000 MW of wind energy in the next ten years.
Boralex Éole Inc. will help to make Québec an important player in a rapidly expanding world industry. Success should be guaranteed by the proven expertise of Boralex Éole Inc.’s partners, their project management experience and their clear commitment to respect the environments in which they operate.
Boralex already operates 10 wind farms in France through Séris Éole S.A.S., which is co-owned with a French shareholder. This wind farm in southwest France has long-term supply contracts with the Société Électricité de France. In 2003, new wind turbines with a total capacity of 3.2 MW will be added to the existing site.
Boralex owns and operates twelve power stations located in Québec, the United States and France, with an installed capacity of 229 MW, as well as an urban wood processing and recycling centre in Montréal. In addition, Boralex holds a 34% interest in Boralex Power Income Fund (The “Fund”), which owns eight power stations in Québec with an installed capacity of 131 MW. Management of the Fund‘s assets is provided by Boralex. Boralex employs more than 230 workers and its operations focus on four types of power generation in fields where Boralex has developed proven expertise. These are centered on renewable energy and green energy. (www.boralex.com)
About SOQUIP Énergie
SOQUIP Énergie is a wholly-owned subsidiary of SGF Chimie, itself a subsidiary of the Société générale de financement du Québec. The mission of the Société générale de financement du Québec (SGF) is to carry out economic development projects in cooperation with partners and in accordance with accepted requirements for profitability. Since it was restructured in 1998, SGF has generated $10.6 billion in investments and created more than 56,000 direct and indirect jobs. As of December 31, 2001, SGF’s consolidated assets totaled over $3 billion. SGF has 65 international partners operating in Québec. (sgfqc.com)
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