Hydro-Quebec has signed a 20-year agreement with Boralex Inc. (TSX:BLX) and the regional government for Cote-de-Beaupre, which will supply electricity to the provincial utility from a wind farm they’re developing.
The wind power project will have an installed capacity of 25 MW and will start up in late 2015, subject to various regulatory approvals.
The Cote-de-Beaupre wind farm will be one of several to be developed on private land belonging to the Seminary of Quebec.
Boralex Inc. ("Boralex") and the Côte-de-Beaupré regional county municipality (RCM) have signed an electricity supply agreement with Hydro-Québec Distribution for the Côte-de-Beaupré community wind power project. The wind power project will have an installed capacity of 25 MW and will start up in late 2015, generating electricity to 2035, the 20-year period set out in the agreement.
"The Côte-de-Beaupré wind power project shows the special relationship we have developed with the Côte-de-Beaupré RCM and the region," notes Patrick Lemaire, President and Chief Executive Officer of Boralex. "We are proud to be participating in this wind energy project," says RCM reeve Pierre Lefrançois. "This project fits in perfectly with our vision for development, which is to achieve sustainable development."
The Côte-de-Beaupré wind farm, allotted to Boralex and the Côte-de-Beaupré RCM under the call for tenders to develop 250 MW of community wind power, will be one of a series of Seigneurie de Beaupré wind farms developed on private land belonging to the Seminary of Québec. The wind potential and geographic features of this area make it exceptional wind power site.
The contract will be subject for approval by the Régie de l’énergie and the project will need to obtain all the authorizations and permits required by public authorities prior to construction.
The Côte-de-Beaupré regional county municipality (RCM) is an institution that permits its local municipalities to prepare regional land development plans and to plan development on a broader scale that takes into account the eventual impact of their actions on the territory as a whole.
The RCM also offers a number of other services in property assessment, residual materials management and economic development, as well as a regional municipal court.
Boralex is a power producer whose core business involves developing and operating renewable energy power stations with a total installed capacity of 700 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 nearly 350 employees, Boralex is known for its diversified expertise and in-depth experience in three power generation segments — wind, hydroelectric and thermal — and will add a fourth segment to its energy portfolio with the upcoming commissioning of its first solar power station. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively.