New Investments in Wind Energy by Boralex
in France
Montréal (Québec), April 3, 2003 - Boralex Inc.
(TSX, BLX.A), "Boralex", announces that it will make
new investments in the north of France, at Coquelles and Chépy,
that will increase its installed capacity for wind energy to
22.0 MW.
Wind Farm Project on Eurotunnel Site
Through its French subsidiary Boralex S.A., Boralex Inc. has
signed an agreement with the Eurotunnel Group (France-Manche
S.A. and The Channel Tunnel Group Limited) with respect to the
use of public lands for the construction and operation of a
10.0 MW wind farm on the site of the Eurotunnel in France.
Boralex S.A. will hold an 80% interest in the company that
will build and operate the facility's five wind turbines of
2.0 MW each. The site will be located at the Coquelles Terminal
on the French side of the Tunnel. The cost to complete this
project is estimated at 11 million Euros, or C$17.6 million,
and all the electricity generated will be sold to Électricité
de France (EDF) in accordance with the government order dated
June 8, 2001. The construction of the wind turbines is subject
to regulatory approvals.
Acquisition of a Majority Interest in Ferme Éolienne
de Chépy S.A.S.
Boralex S.A. has acquired from Innovent S.A.R.L. an interest
of 85% in Ferme Éolienne de Chépy S.A.S, located
at Chépy in the north of France. This company owns all
the rights for the construction and operation of a two-turbine
wind facility with a total installed capacity of 4.0 MW. The
investment in this facility is estimated at 5 million Euros,
or C$8 million.
Construction of this wind farm will begin in the next few weeks
and the facility is expected to begin its commercial operations
in September of this year. All the electricity generated will
be sold to EDF in accordance with the government order dated
June 8, 2001.
"We are proud of the new association between Boralex and
Eurotunnel which will result in a new wind power generation
project in the north of France. Our expertise in the construction
and the operation of wind farms will continue our development
in this area and will create new strategic partnerships with
credible and forward-looking companies. As well, Boralex will
increase its presence in wind energy in France, a high-growth
sector that falls within the scope of its new regulations for
the production of renewable energy," said President and
Chief Executive Officer, Mr. Jacques Gauthier.
Since November 2002, Boralex operates a 10-turbine wind farm
in Avignonet-Lauragais, near Toulouse, France, with an installed
capacity of 8.0 MW. The capacity of this wind farm will be increased
to 11.2 MW in the fall of 2003.
Boralex owns and operates twelve power stations located in
Québec, the United States and France, with an installed
capacity of 229.0 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 131.0 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)
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For further information, please contact:
Mr. Jacques Gauthier
President and Chief Executive Officer
Boralex Inc.
Telephone: (514) 284-9890
Fax: (514) 284-9895
E-mail:jgauthier@cascades.com
Mrs. Carole Villeneuve
Director of Communications
Boralex Inc.
Telephone: (514) 985-1353
Fax: (514) 985-1355
E-mail: cvilleneuve@cascades.com
