Valener Inc.
TSX : VNR
TSX : VNR.PR.A

Valener Inc.

May 04, 2016 14:44 ET

Valener Receives Special Distribution Following Refinancing of Seigneurie de Beaupre Wind Farms 2 and 3

MONTREAL, QUEBEC--(Marketwired - May 4, 2016) - Valener Inc. ("Valener") (TSX:VNR)(TSX:VNR.PR.A) today announced that it has received a $19.6 million special distribution from Seigneurie de Beaupré Wind Farms 2 and 3 General Partnership ("Wind Farms 2 and 3") following the refinancing of the wind power facilities. Wind Farms 2 and 3 paid a special distribution totaling $80 million to its partners Valener, Gaz Métro Limited Partnership ("Gaz Métro") and Boralex Inc. Valener's share of the distribution reflects its proportionate share in the partnership. Valener intends to use these funds to reimburse part of its credit facility. Gaz Métro and Valener indirectly hold interests in Wind Farms 2 and 3 through Beaupré Éole General Partnership.

"We are pleased that Wind Farms 2 and 3 was able to take advantage of, among other things, improved market conditions to capitalize on more favourable rates and ultimately, pay a special distribution to its partners," said Pierre Despars, Executive Vice President, Corporate Affairs and Chief Financial Officer of Gaz Métro inc., acting as Gaz Métro's general partner and as manager of Valener. "This distribution of almost $20 million provides Valener with additional flexibility to pursue its strategy of supporting Gaz Métro's growth".

About Valener

Valener is a widely held public company that serves as the investment vehicle in Gaz Métro. Through its investment in Gaz Métro, Valener offers its shareholders a solid investment in a diversified and largely regulated energy portfolio in Quebec and Vermont. As a strategic partner, Valener, on the one hand, contributes to Gaz Métro's growth, and on the other, invests in wind power production in Quebec alongside Gaz Métro. Valener favours energy sources and uses that are innovative, clean, competitive and profitable. Valener's common and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares.

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