Boralex Acquires Five New York Hydro Facilities

Montréal (Québec), July 9, 2003 - Boralex Inc. (TSX, BLX.A), ("Boralex"), announced today that it has agreed to purchase from Black Hills Generation Inc., a subsidiary of Black Hills Corporation (NYSE, BKH), ("Black Hills"), five hydroelectric power stations located in the State of New York for US$ 8.7 million (approximately $CND 11.7 million). The purchase price will be financed through Boralex's available funds.

Boralex, through one of its US subsidiaries, will acquire these hydro power stations totalling 23.0 MW of installed capacity. They are the Middle Falls facility (2.3 MW), the New York State Dam facility (11.4 MW), the Fourth Branch facility (3.1 MW), the Warrensburg facility (2.9 MW), and the Sissonville facility (3.0 MW). Each of these facilities is located on a different river, except for New York State Dam and Fourth Branch, which are both on the Mohawk River. The Middle Falls power station has a long term power purchase agreement (PPA) with Niagara Mohawk Power Corporation (NIMO), a highly-rated regulated utility, which terminates in 2028. The four other facilities have short term PPA'S with NIMO, which are in force until the end of 2003. These power stations have been in operation since the early 1990's.

Moreover, Boralex will manage the two hydroelectric power stations acquired concurrently by Boralex Power Income Fund from Black Hills; namely, the Hudson Falls (45.8 MW) and the South Glens Falls (13.9 MW) power stations, located in the State of New York.

"This transaction represents a significant step in the pursuit of our growth objectives. It will allow us not only to consolidate our presence in the North Eastern US but also to enhance the diversification of our operating sectors in the renewable energy and green energy sectors," said Boralex's President and Chief Executive Officer, Mr. Jacques Gauthier.

This transaction is subject to customary closing conditions including regulatory approvals, which are expected to take up to 90 days.

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, the Corporation 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. The Corporation 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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Mr. Jacques Gauthier
President and Chief Executive Officer
Boralex Inc.
Telephone: (514) 284-9890
Fax: (514) 284-9895
E-mail: jgauthier@cascades.com

Mr. Nicolas Fontaine
Director, Finance
Boralex Inc.
Telephone : (514) 282-2647
Fax : (514) 985-1355
E-mail : nfontaine@cascades.com

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