Normal Course Issuer Bid of the Boralex’s Class A Shares

Montréal (Québec), May 7, 2003 – Boralex Inc. (« the “Corporation ») announces that the Toronto Stock Exchange has accepted its notice of intention to begin a normal course issuer bid in respect of its Class A Shares. Purchases pursuant to the normal course issuer bid will not start prior to May 9, 2003 and will not continue beyond May 7, 2004. The Class A Shares purchased shall be cancelled.

The notice will enable the Corporation to acquire up to 1,450,000 Class A Shares which represent approximately 5% of the 29,940,262 issued and outstanding Class A Shares as at May 1st, 2003. All purchases will be made through the Toronto Stock Exchange in accordance with its requirements.

Boralex considers that the shares to be acquired may, from time to time, be undervalued in the market and represent an excellent opportunity to enhance shareholder value.

Boralex Announces the Restatement of its 2002 Consolidated Financial Statements

Boralex Inc. announces that it will restate its consolidated financial statements for the period ended September 30, 2002. The restatement was initiated on April 1, 2003 when Hydro?Quebec notified the Corporation that there was an error 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 error had an impact on the value attributable to the Senneterre Facility, which was sold to Boralex Power Income Fund (the “Fund”) on February 20, 2002 and Boralex Inc. has reimbursed the Fund an amount of $14,369,000.00, representing the impact of the error on the purchase price.

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
Telephone: (514) 985-1348
Fax: (514) 985-1355
E-mail: germain_lecours@cascades.com

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

Mr. Jean-Pierre Archambault
Legal Counsel and Corporate Secretary
Telephone: (514) 985-1346
Fax: (514) 284-9895
E-mail: jarchambault@cascades.com