Creation of Boralex Éole Inc.
SGF and Boralex join forces to
make a major breakthrough in the development
of wind energy in Québec
Montreal (Quebec), 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.
Immediate plans
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 environment in which they operate.
Boralex already operates 10 wind turbines 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.
About Boralex
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. (www.sgfqc.com)
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For further information, please contact:
Mr. Jacques Gauthier
President and Chief Executive Officer
Telephone: (514) 284-9890
Fax: (514) 284-9895
E-mail:jgauthier@cascades.com
Carole Villeneuve
Communications Director
Boralex inc.Telephone : (514) 985-1353
Fax : (514) 985-1355
E-mail : cvilleneuve@cascades.com
Sylvie Brousseau
Director, Communications and Public Relations
Tel.: (514) 876-9290
Fax: (514) 395-8055
E-mail: sbrousseau@sgfqc.com
