Inauguration of Phase 1 of the Seigneurie de Beaupré Wind Farms

CÔTE-DE-BEAUPRÉ, QC, July 3, 2014 /PRNewswire/ - After three years of construction, Boralex Inc. ("Boralex"), Gaz Métro Limited Partnership ("Gaz Métro") and Valener Inc. ("Valener") are pleased to officially open Phase I of the Seigneurie de Beaupré Wind Farms, a 272-MW project commissioned in December 2013 and one of the biggest wind farms in Canada. In recognition of this important milestone, a ceremony was held at the foot of one of the project's tallest turbines earlier today in the presence of Caroline Simard, Member for Charlevoix-Côte-de-Beaupré, representing the Minister of Energy and Natural Resources and Minister responsible for the Northern Plan, Pierre Arcand, Sophie Brochu, President and CEO of Gaz Métro, Patrick Lemaire, President and CEO of Boralex, and Jacques Roberge, General Superior of the Séminaire de Québec, as well as numerous elected officials, entrepreneurs representing the region and special guests.

"We are very proud to celebrate the entry into service of Phase I of the Seigneurie de Beaupré Wind Farms, particularly in light of the project's substantial economic spin-offs. Our 100% Quebec-based consortium has invested over $750 million to carry out this project, and over $360 million has been invested in other homegrown companies. The success of this initiative can be gauged by the logistical efforts made, but especially by the remarkable degree of cooperation shown by all project stakeholders," stated Sophie Brochu and Patrick Lemaire.

"I would like to congratulate the promoters of this project, which was developed in an environmentally responsible manner and is a significant project for the Côte-de-Beaupré region. The two wind farms alone will be able to generate enough clean energy to supply annually 50,000 households. This is green energy that will be renewable for years to come," said Caroline Simard.

With a total installed capacity of 272 MW, the 126 turbines that make up Phase I have been supplying renewable energy to Québec's power grid since they were commissioned in late 2013 and are expected to continue doing so for the next 20 years.

Key figures on Phase I (272 MW) of the Seigneurie de Beaupré Wind Farm:

• The project generates enough electricity to power 50,000 Québec homes.
• It took more than 1.5 million person-hours to erect the 126 turbines.
• Phase I represents a total investment of $750 million, including $360 million in Québec, $205 million in the Capitale-Nationale region and $28 million in the Côte-de-Beaupré region.
• Over 30 companies from the Côte-de-Beaupré region took part in construction of the project's first 272-MW phase.
• 140 kilometres of roads were built to provide access to the 126 wind turbines
• 60,000 tonnes of concrete were used to lay the foundations, and 43 cranes were needed to erect them.
• A 180-kilometre underground collector system to carry the electricity to a single 315-kV substation.

The project's 68-MW second phase is expected to be commissioned in 2014, with the 25-MW community project anticipated to come online in 2015. Once completed, the development will be one of Canada's biggest wind farms.

For more information, please visit the Seigneurie de Beaupré Wind Farms site at: www.seigneuriedebeaupre.com

About the Seigneurie de Beaupré Wind Farms
The Seigneurie de Beaupré Wind Farms, with a total contracted capacity of 365 MW, currently constitute one of Canada's largest wind power projects. The first phase of 272 MW (Farms 2 & 3), commissioned in late 2013, and the second phase of 68 MW (Farm 4), set to begin operating at the end of 2014, are projects of the Boralex and Gaz Métro/Valener consortium. Furthermore, the 25 MW Côte-de-Beaupré wind farm built in partnership by Boralex and the Côte-de-Beaupré RCM is expected to start operating in 2015.

About Boralex
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 650 MW in Canada, France and the Northeastern United States. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately 250 MW of power that will be put in service by the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.

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 electricity, 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.

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.

About Gaz Métro and Valener
With more than $5 billion in assets, Gaz Métro is a leading energy provider. It is the largest natural gas distribution company in Quebec, where its network of over 10,000 km of underground pipelines serves 300 municipalities and more than 190,000 customers. Gaz Métro is also present in Vermont, producing electricity and distributing electricity and natural gas to meet the needs of more than 305,000 customers. Gaz Métro is actively involved in the development of innovative, promising energy projects such as the production of wind power, the use of natural gas as a transportation fuel and the development of biomethane. Gaz Métro is a major energy sector player who takes the lead in responding to the needs of its customers, regions and municipalities, local organizations, and communities while also satisfying the expectations of its Partners (GMi and Valener) and employees. www.gazmetro.com

Valener owns an economic interest of approximately 29% in Gaz Métro. Valener therefore has a stake in the energy industry and benefits from Gaz Métro's diversified profile, both in terms of geography and business segment. Valener also owns a 24.5% indirect interest in the wind power projects jointly developed with Gaz Métro and Boralex Inc. on the private lands of Séminaire de Québec. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" trading symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com

Certain statements contained in this press release may be forward-looking pursuant to applicable securities laws. Such forward-looking statements reflect the intentions, plans, expectations and opinions of the management (the "Management") of Gaz Métro inc. acting in its capacity as General Partner of Gaz Métro and are based on information currently available to Management and assumptions about future events. Forward-looking statements involve known and unknown risks and uncertainties and other factors outside Valener or Gaz Métro's control. A number of factors could cause actual results of Valener and Gaz Métro to differ materially from the current expectations as expressed in the forward-looking statements.

Although these forward-looking statements are based upon what Management believes to be reasonable assumptions, Valener and Gaz Métro cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and Valener and Gaz Métro assume no obligation to update or revise them to reflect new events or circumstances, except as required pursuant to applicable securities laws. You are cautioned not to place undue reliance on these forward-looking statements. The complete version of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect Valener's and Gaz Métro's actual results are included in the Management's Discussion and Analysis for the year ended September 30, 2013 of Valener and Gaz Métro, and in Valener's disclosure filings. These documents are available on SEDAR at www.sedar.com.

SOURCE Boralex Inc.