MONTRÉAL, March 10, 2016 /PRNewswire/ - Renewable Energy Systems Canada Inc. ("RES"), as Qualified Applicant, and its partner Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX), are pleased to announce being selected by the Independent Electricity System Operator (IESO) and awarded an LRP I Contract for a wind power project of installed capacity of 50 MW in the highly competitive LRP I RFP process.
The project named "Otter Creek Wind Farm Project", which is situated on private lands in the Municipality of Chatham-Kent, is targeted to reach commercial operation by the end of 2019.
RES and Boralex have also been able to obtain the support of the Walpole Island First Nation for this project and the ownership currently stands as follows in the limited partnership interests: RES – 51%, Boralex – 38.5% and the Walpole Island First Nation – 10.5%.
The partnership is also grateful to have received support from the Municipality of Chatham-Kent which has been granted an option to participate in the project up to 15% of the limited partnership interests following commercial operation.
"We look forward to working together with the Municipality of Chatham-Kent and the Walpole Island First Nation to bring the next generation of renewable energy to the area," said in a common statement by Peter Clibbon, Senior Vice President, Development of RES in Canada and Patrick Lemaire, President and CEO of Boralex. "We are committed to helping Ontario meet its clean energy goals", they added.
The partnership will organize public meetings shortly in the area of the project to further engage with the communities, describe the community benefits and present the latest evolutions of the project.
Since 1997, RES has been providing development, engineering, construction, and operations services to the wind, solar, transmission, and energy storage markets across North America. The company has constructed more than 8,000 MW of utility-scale renewable energy and energy storage projects and over 1,600 kilometers (km) of transmission lines, including 780MW of projects, across Canada. RES' Canadian corporate office in Canada is located in Montreal with regional offices in Oakville, Ontario. Globally, RES has developed and/or built over 10 GW of renewable energy capacity, has an asset management portfolio exceeding 1 GW, and is active in a range of renewable technologies including wind, solar, energy storage, transmission, and demand side management.
Boralex develops, builds and operates renewable energy power facilities in Canada, France and the United States. A leader in the Canadian market and France's largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex ensures sustained growth by leveraging the expertise and diversification developed over the past 25 years. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at www.boralex.com or www.sedar.com.
Caution regarding forward-looking statements
Some of the statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular projection. The main factors that could lead to a material difference between the Corporation's actual results and the projections or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in the selling price of energy, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors discussed in the Corporation's filings with the various securities commissions.
Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made.
There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.
SOURCE Boralex Inc.