Boralex European Sites Contribute to increase its First Quarter Results

Montreal (Quebec), February 25, 2003 – For the first quarter ended December 31, 2002, Boralex Inc. (the "Corporation") reports that its revenue from energy sales totaled $15.7 million as compared to $29.1 million for the corresponding period in 2001. The sale of seven power stations to Boralex Power Income Fund (" the Fund ") on February 20, 2001 reduced revenue. During the quarter, the shut down of two US power stations resulted in a $3.7 million reduction of revenue. On the other hand, the two new french power stations - gas-fired cogeneration power station and wind-farm - added $2.9 million to the quarter's revenue.

During the quarter, the Corporation's earnings before amortization, financial expenses, interest income, income taxes and non-controlling interests ("EBITDA") totalled to $2.1 million, as compared to $4.0 million for the same period in previous year. This reduction in EBITDA is mostly due to the sale of the seven power stations to the Fund. The power stations located in France contributed $1.2 million to the EBITDA during the quarter

The quarter ended December 31, 2002 resulted in a net loss of $0.6 million or $0.02 per share, compared to a net loss of $1.5 million, or $0.05 for the same period in 2001. The improvement over last year's results is directly attributable to the measures taken by the Corporation to optimize the operations of its US power stations operations.

"The significant improvement in the Corporation's results underscores our capacity to efficiently manage our operations and the contribution of our new European operations which were commissioned in 2002. This performance is even more rewarding in light of the difficult market conditions in our industry in the US, the poor hydrological conditions in Québec and the temporary shut down of two of our US wood-residue power stations in the first quarter. We are optimistic about the remaining of the year, as we should benefit from rising electricity prices in the North-East US and the corresponding contribution of our US wood-residue power stations", stated President and Chief Executive Officer, Jacques Gauthier.

Boralex operates twelve wood-residue, natural gas cogeneration, hydroelectric or wood turbine thermal energy producing stations in Québec, the United States and France. Also, Boralex Power Income Fund, which is managed by Boralex and in which Boralex holds an important participation, operates eight hydroelectric, thermal or wood-residue as well as natural gas cogeneration energy producing stations in Québec. Together, these two entities have more than 230 employees and have a total installed capacity of more than 360 MW. Boralex's stock trades on the Toronto Stock Exchange under the ticker symbol BLX.A and Boralex Power Income Fund's stock trades under the ticker BPT.UN.

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For further information, please contact:
Mr. Jacques Gauthier
President and Chief Executive Officer
Telephone: (514) 284-9890
Fax: (514) 284-9895
E-mail:jgauthier@cascades.com

Mr. Germain Lecours
Vice-President and Chief Financial
Officer
Telephone: (514) 985-1348
Fax: (514) 284-9895
E-mail: germain_lecours@cascades.com

Carole Villeneuve
Communications Director
Boralex inc.Telephone : (514) 985-1353
Fax : (514) 985-1355
E-mail : cvilleneuve@cascades.com

Boralex first quarter results