Boralex Power Income Fund Announces the Restatement of its Financial Statements

Montréal (Québec), April 15, 2003 – Boralex Power Income Fund (the “Fund”) announced today that it will restate its financial statements for the period from February 20, 2002 to December 31, 2002 to reflect a restatement in its revenue, net earnings and certain balance sheet items. The restatement was initiated on April 1, 2003 when Hydro?Quebec notified Boralex Inc. that there was a miscalculation in the price for energy and winter premium paid in 2002, related to the inflation formula applicable to their initial price under the terms and conditions of the power purchase agreement for the Senneterre Facility.

This miscalculation had an impact on the value attributable to the Senneterre Facility, which was sold to the Fund on February 20, 2002 and Boralex Inc. has agreed to reimburse the Fund an amount of $14,369,000.00, representing the impact of the miscalculation on the purchase price.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns eight power generating stations located in the province of Québec producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 131 MW. The Fund's units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

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For further information, please contact:

Mr. Germain Lecours
Vice-President and Chief Financial Officer
Boralex Inc.
Telephone: (514) 985-1348
Fax: (514) 985-1355
E-mail: germain_lecours@cascades.com

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