Mr. Jean-Francois Thibodeau of Boralex reports

BORALEX AND GAZ METRO AND VALENER ANNOUNCE THE CLOSING OF A C$617.5 MILLION REFINANCING FOR SEIGNEURIE DE BEAUPRE WIND FARMS 2 AND 3

Boralex Inc., Gaz Metro LP and Valener Inc. have closed a $617.5-million non-recourse refinancing for Seigneurie de Beaupre Wind Farms 2 and 3 General Partnership, which operates two winds farms located 60 kilometres northeast of Quebec City on the private property of Seminaire de Quebec. Gaz Metro and Valener indirectly hold interests in Wind Farms 2 and 3 through Beaupre Eole General Partnership.

A special distribution to the partners of Wind Farms 2 and 3 of $80-million has been declared and is expected to be paid shortly after the closing of the refinancing.

"We are pleased we were able to conclude the refinancing on such favourable terms. This reflects the vote of confidence the financial community has in our wind farms," said Boralex vice-president and chief financial officer Jean-Francois Thibodeau, and Gaz Metro Inc. executive vice-president of corporate affairs and chief financial officer Pierre Despars, acting as Gaz Metro's general partner and as manager of Valener.

Wind Farms 2 and 3 has been covered by 20-year power purchase agreements with Hydro-Quebec since the commissioning of its wind farms.

The total refinancing amount of $617.5-million, consists of:

• A $383.4-million uncovered tranche of the term loan expiring in December, 2032, representing a $132.3-million increase over the initial tranche and a one-year extension of the maturity date;
• A $192.7-million covered tranche of the term loan expiring in December, 2029, representing a $44.5-million decrease and a two-year reduction of the maturity date of this tranche;
• A $41.4-million letter of credit facility.

The $192.7-million tranche of the term loan is covered by a guarantee pledged in favour of the lenders by the Federal Republic of Germany through its export credit agency, Euler-Hermes.

The group of lenders consists of Bank of Tokyo-Mitsubishi (UFJ), KfW IPEX-Bank, Sumitomo Mitsui Banking Corp., Mizuho Corporate Bank, AKA Bank, DZ Bank, Laurentian Bank of Canada, Commonwealth Bank of Australia and Credit Industriel et Commercial.

Cosime Infrastructure and Energy and JCRA Canada Inc. acted respectively as financial adviser and hedging adviser on behalf of Wind Farms 2 and 3.

About the Seigneurie de Beaupre wind farms

The Seigneurie de Beaupre wind farms, with a total contracted capacity of 364 megawatts, currently constitute one of Canada's largest wind power projects. The first phase of 272 megawatts (farms 2 and 3), commissioned in late 2013, and the second phase of 68 megawatts (farm 4), started operating in December, 2014, are projects of the Boralex and Gaz Metro/Valener consortium. Furthermore, the 23.5-megawatt Cote-de-Beaupre wind farm built in partnership by Boralex and the Cote-de-Beaupre RCM started its operations in November, 2015.

We seek Safe Harbor.