In 1982, a group of businessmen from the companies Laduboro, Albany Oil and Exar gathered to form a joint corporation for the purpose of obtaining additional financing. Therefore, Boralex’s name has its roots in the combination of sections of their respective identities: LaduBORo, ALbany Oil and EXar. Cascades Inc.'s energy sector started being developed in 1989 with the start up in Kingsey Falls of the first natural gas-fired cogeneration plant in Canada. Following Hydro-Québec’s adoption and implementation in 1987 of a power sale policy for electricity produced by small power stations, Kingsey Falls was one of the first two power stations to be integrated to Hydro-Quebec’s network. In 1991, Hydro-Québec launched a restricted request for proposals, called APR-91, to private producers in order to fulfill the public corporation’s power requirements. This request contributed to the expansion of both Cascades and Boralex in the field of power production. 1995 marked the expansion of this sector of activity as Cascades, through its subsidiary Cascades Énergie (1995) Inc., acquired 82.5% of Boralex Inc. by means of a reverse takeover. Boralex has kept its name, even after it integrated the Cascades Group in 1995.

Boralex comprises five hydroelectric power stations and one natural gas-fired cogeneration plant, all located in Québec, having a combined installed capacity of 50.5 MW.

In the following years, Boralex has the opportunity to acquire, refurbish, manage, and build new hydroelectric and thermal power stations in Québec, the United States, and France. In the spring of 1997, to ensure its growth and carry out new projects, the Corporation resorted to a first public share offering in order to realize various acquisitions and to reinforce its financial position. Cascades' interest in Boralex then decreased to 71%.

At the beginning of year 2001, Boralex owned and operated 13 power stations with an installed capacity of 174 MW, and employs 130 employees. Its fields of competence are wood-residue energy, natural gas-fired energy and hydroelectric energy.

In January and June of the same year, Boralex proceeds with two public share offerings for a total of $73 M, which brings about a decrease of Cascades' interest in the Corporation from 71% to 39%. As at December 31st 2003, the Cascades’ interest in Boralex is brought to 43%. As a result of these transactions, three wood-residue thermal power stations are acquired in Maine and the Corporation thus consolidated its presence in northeastern United States.

Also in 2001, Boralex made its first breakthrough into wind power production with the construction and operation of the Avignonet-Lauragais site in France, which allows Boralex to diversify its energy production and pursue its growth in France. Boralex also invested in the French corporation Séris Éole S.A.S. and became its major shareholder. Since then, Boralex has developed a solid expertise in the complex field of wind power. Boralex now manages six wind farms for a total installed capacity of 89 MW, all located in France, and is now one of the most important wind power producers in that country. In Québec, Boralex is also present in the wind energy sector, through its partnership with Gaz Métro and the Séminaire de Québec. For that purpose a corporation named Boralex Éole Inc., was created to promote, develop and produce this renewable energy in Québec.

By the end of 2001, Boralex owned and operated 18 power stations in Québec, the United States and France with a combined installed capacity of close to 350 MW. More than 230 employees having varied expertise contribute to the production of hydroelectric, wind, thermal or wood-residue cogeneration and natural gas-fired energy.

To meet financial obligations and strengthen its position in terms of profitable growth, Boralex created, in 2002, Boralex Power Income Fund, of which it is the manager and owner of 34%. Boralex Power Income Fund comprises five hydroelectric powerstations, one natural gas-fired powerstation and two wood-residue, all located in Québec, and with a total installed capacity of 131 MW.

On September 30, 2003, Boralex acquired five hydroelectric power stations in the State of New York, while the Fund bought two hydroelectric power stations in the same State. The total installed capacity of Boralex now reaches close to 240 MW and the Fund's close to 190 MW. After this transaction and the issuing of new units by the Fund, Boralex owns 23% of the Fund.

In addition to the power stations manages by Boralex for Boralex Power Income Fund, the Corporation now operates 21 wood-residue, natural gas-fired cogeneration, hydroelectric and wind energy production sites in Québec, the United States and France, totalling 351 MW, in addition to an urban wood recovery and sorting centre, located in Montréal.