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Eolectric, Valeco and Fondaction CSN announce the acquisition and financial closing of the Biomont combined heat and power (chp) plant 4,8 mw

BROSSARD, September 26th, 2016 - Eolectric Inc., Valeco Énergie Québec Inc. and Fondaction CSN are proud to announce the acquisition of and the obtainment of required financing for the Biomont 4.8MW biogas fueled cogeneration facility project ("Biomont"), as of August 4th, 2016.

Located in the borough of Villeray-Saint-Michel-Parc-Extension in the City of Montreal, Quebec, the Biomont 4.8MW cogeneration project is for the installation of three (3) internal combustion engines coupled with three (3) generators, each with an installed capacity of 1.6 MW. The electricity produced by the plant will be sold to Hydro-Québec Distribution under a power purchase agreement with a term of twenty-five (25) years from the date of commercial operation of the facility. Residual heat from the engines will be recovered and used to heat the nearby TOHU and Cirque du Soleil facilities. Biomont will thus fully make use of the biogases emanating from the former Miron quarry landfill located on the Saint-Michel Environmental Complex ("CESM"), from which the biogas is recovered by the City of Montreal and delivered to Biomont.

Construction of the Biomont cogeneration facility, its heating networks and upgrades to the Hydro-Quebec network connection will start in autumn 2016 and will continue until commercial operation, scheduled for August 2017. Gas Drive is the main contractor for the cogeneration facility and is responsible for the installation of the GE Jenbacher JMS612 engines and other equipment. Secured debt financing is provided by Integrated Asset Management Corp.

According to Guy Painchaud, President of Eolectric Inc.: "Biomont is the company’s first biogas project and is the outcome of a diversification plan to be active in all forms of renewable energy. We are very proud to work with the City of Montreal in order to convert the site’s biogas into renewable energy and to contribute to the reduction of greenhouse gases in Quebec."

Erick Gay, president of Valeco Énergie Québec Inc. states that "with the Biomont CHP plant, Valeco has successfully taken its first steps into the North American market while staying true to its roots; to develop renewable energy cogeneration projects."

"Fondaction CSN is proud to support visionary entrepreneurs with this audacious project which will significantly reduce greenhouse gas emissions and to contribute to sustainable development in Quebec. This project is in line with our vision. For Fondaction sustainable development is not just an option, but rather our purpose" said Geneviève Bouthillier, Assistant Chief of Investment at Fondaction CSN.

According to Marc-Antoine Renaud, director of Biomont Energy, Limited Partnership, "In addition to putting to good use a gas that is significantly more harmful to the environment than carbon dioxide, Biomont will generate electricity right in the heart of Montreal while providing heat to two neighboring institutions in the winter. In the early years, the installation will contribute to a reduction of CO2 equivalent to 230,000 tons per year. On behalf of the sponsors, I wish to acknowledge the participation of our partners for the creation of this project and thank the City of Montreal, the CESM, the TOHU and the Cirque du Soleil in their efforts to make this project a reality ".

About the sponsors:

Eolectric Inc.

Eolectric Inc. is headquartered in Brossard, Quebec and is one of the leading independent developers of wind energy projects in Canada. A pioneer in the industry, Eolectric Inc. and its subsidiaries are actively involved in the development, construction and operation of renewable energy projects throughout Canada and Mexico since 1994. With various partners, Eolectric has developed more than 800 MW of wind farms currently in operation and has established a renewable energy project portfolio representing nearly 2000 MW overall. In more recent years, with the addition of Énergie Éolienne Vents du Kempt LP and of Club Eolectric LP to its mandates, Eolectric has also developed an expertise in renewable energy and portfolio management. Eolectric strives to attain the highest standards of sustainable development and social acceptability.

Valeco Énergie Québec Inc.

The VALECO Group is a French company specialized in renewable energies and is owned by the Holding Gay (64.4%) and Caisse des Dépôts et Consignations (35.6%). With 80 dedicated professionals, the VALECO Group is an expert in all aspects of its industry and has undertaken feasibility studies, development, financing, construction, operation and maintenance for its projects in France. VALECO today operates wind and solar parks with a total installed capacity of 255 MW and has a portfolio of projects under construction of 180 MW of installed capacity. The VALECO Group is now recognized as a major player in the energy sector given its proven ability to conciliate rapid development and respect of essential values, which has been especially appreciated by its partners, including local elected officials (quality service, consultations, availability) and financial institutions.

Fondaction CSN

Fondaction invests in Québec-based SMEs in order to contribute to maintaining and creating jobs in Québec, with a sustainable development perspective. It currently manages close to $ 1.5 billion of assets from retirement savings of over 131,000 shareholders. Via its investments or its commitments, either directly or through its partner or specialized funds, Fondaction supports the development of more than 1,050 SMEs that contribute directly to the economic, social and environmental development of Québec, and of which many are social economy enterprises.

Further Information:

Denise Bouchard
Director, Public Affairs and Permitting
450-928-2222 # 226