Boralex Inc. Compensates Boralex Power Income Fund

Montréal (Québec), April 4, 2003 - Boralex Power Inc., a subsidiary of Boralex Inc. and the manager of Boralex Power Income Fund has advised the Fund that it has been informed by Hydro-Québec that there is an error in the price of energy and winter premium paid in 2002 and 2003 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 error in calculation has an impact on the value attributable to this power station, which was sold to Boralex Power Income Fund on February 20th 2002. At that time, the value of Senneterre was established on the basis of future operating cash flows discounted at a rate of 8.75%. Therefore, Boralex will reimburse Boralex Power Income Fund approximately $13 million dollars. This amount will be added to the reserve account, which will be available for future distributions, expected to conform to anticipated levels.

Boralex owns and operates twelve power stations located in Québec, the United States and France, with an installed capacity of 229.0 MW, as well as an urban wood processing and recycling centre in Montréal. In addition, Boralex holds a 34% interest in Boralex Power Income Fund (the "Fund"), which owns eight power stations in Québec with an installed capacity of 131.0 MW. Management of the Fund's assets is provided by Boralex. Boralex employs more than 230 workers and its operations focus on four types of power generation in fields where Boralex has developed proven expertise. These are centered on renewable energy and green energy. (www.boralex.com)

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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