New Wind Power Entity for Québec

The Société générale de financement du Québec (SGF), through its subsidiary SOQUIP Energie, and Boralex have formed a new joint venture to develop wind energy production sites in Québec.

Montreal, Canada – March 11, 2003 [] The Boralex-SOQUIP association believes they will prove to be a significant breakthrough for the development of wind energy in Québec. The goal of the new corporation, Boralex Eole 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. 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. “With the creation of Boralex Eole 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 Eole Inc., owned 60 percent by Boralex and 40 percent 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 Eole Inc. will help to make Québec an important player in a rapidly expanding world industry. The company said success should be guaranteed by the proven expertise of Boralex Eole Inc.’s partners, their project management experience and their clear commitment to respect the environment in which they operate. Boralex already operates 10 wind turbines in France through Séris Eole 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 Electricité de France. In 2003, new wind turbines with a total capacity of 3.2 MW will be added to the existing site.
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