Boralex Power Income Fund Announces the closing of Subscription Receipt offering for $181 million

Montréal (Québec), July 28, 2003 - Boralex Power Income Fund (TSX, BPT.UN) (the “Fund”) announces the successful closing of the issue and sale of subscription receipts pursuant to the agreement concluded July 9, 2003 with a syndicate of underwriters jointly led by National Bank Financial and TD Securities Inc.

The subscription receipts are exchangeable on the basis of one receipt for one unit of the Fund upon the closing of the acquisition of two hydroelectric power stations at Hudson Falls and South Glen Falls in the State of New York, which should occur within 90 days. The closing is subject to customary closing conditions, including the approval of the Federal Energy Regulatory Commission and various other consents and approvals.

Following the exercise by the syndicate of underwriters of the option granted by the Fund for the purchase of 1,625,000 additional subscription receipts, a total of 18,500,000 subscription receipts were sold at a price of $9.80 each for aggregate proceeds of $181.3 million. The underwriters’ commission for the issue is $9.065 million with the net proceeds realized by the Fund equaling $172.2 million.

The net proceeds of the issue combined with the increase of the Fund’s credit facilities will finance in its entirety the acquisition of the two hydroelectric power stations with a total installed capacity of 59.7 MW

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 131.0 MW. The Fund’s units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

The statements contained in this news release that are forward-looking are based on current expectations, and are subject to a number of uncertainties and risks, and actual results may differ materially. These uncertainties and risks include, but are not limited to: the dependence on certain key customers, competitive pressures and changes in market activity, risks associated with international operations and foreign exchange, legal proceedings, environmental, health and safety and other regulatory requirements. Further information can be found in the disclosure documents filed by Boralex Power Income Fund with the securities regulatory authorities, available at www.sedar.com.

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For further information, please contact:

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