Boralex Power Income Fund Declares Cash Distribution

Montréal (Québec), July 22, 2003 - Boralex Power Income Fund (the “Fund”) has today declared its monthly cash distribution in the amount of $0.0729 per trust unit.

The distribution will be paid on August 21, 2003, to unitholders of record at the close of business on July 31, 2003.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns and operates 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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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