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

MONTREAL, QUEBEC--(Marketwired - May 4, 2016) - Valener Inc. ("Valener") VNRVNR today announced that it has received a $19.6 million special distribution from Seigneurie de Beaupre 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 Metro Limited Partnership ("Gaz Metro") 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 Metro and Valener indirectly hold interests in Wind Farms 2 and 3 through Beaupre Eole 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 Metro inc., acting as Gaz Metro'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 Metro's growth".

About Valener

Valener is a widely held public company that serves as the investment vehicle in Gaz Metro. Through its investment in Gaz Metro, 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 Metro's growth, and on the other, invests in wind power production in Quebec alongside Gaz Metro. 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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FOR FURTHER INFORMATION PLEASE CONTACT:
Investors and analysts
Mariem Elsayed
514-598-3253
investors@valener.com


Media
Marie-Christine Demers
514-598-3449
communications@valener.com
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