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 ("BPIF") 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, an amount that has been agreed to by BPIF.

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