Boralex Power Income Fund Announces Results for Q2 2003

Montréal (Québec), August 6, 2003 - For the quarter ended June 30, 2003, Boralex Power Income Fund (the “Fund”) generated revenue of $14.9 million compared to revenue of $14.3 million for the same quarter of last year. Earnings before amortization, depreciation and financial expenses (“EBITDA”) amounted to $6.7 million versus $7.1 million for the second quarter of 2002, which includes an amount of $0.5 million recorded as compensation from Boralex Inc. for the start-up period of the Senneterre power station. Net earnings totalled $3.5 million or $0.09 per trust unit, compared to net earnings of $4.2 million or $0.10 per trust unit a year earlier.

For the six month period ended June 30, 2003, the Fund’s revenue totalled $35.3 million as opposed to $22.6 million for the period from February 20 to June 30, 2002. EBITDA for the six month period ended June 30, 2003, reached $17.5 million compared to $12.7 million for the period from February 20 to June 30, 2002, which includes an amount of $1.5 million recorded as compensation from Boralex Inc. for the start-up period of the Senneterre power station. Net earnings for the six month period ended June 30, 2003 were $11.0 million or $0.27 per trust unit versus net earnings of $8.6 million or $0.21 per trust unit for the period from February 20 to June 30, 2002.

Second-quarter distributions to unitholders remained steady compared to last year at $8.9 million or $0.22 per trust unit. As at June 30, 2003, the balance in the reserve accounts was $12.04 million, including $1.0 million in the major maintenance reserve account.

On July 9, 2003, the Fund announced that definitive agreements had been signed with respect to the acquisition of two hydroelectric power stations with a total installed capacity of nearly 60 MW, located in the State of New York, U.S., for a consideration of US$177.3 million (approximately C$240.0 million). This transaction is subject to customary closing conditions including regulatory approvals and is expected to close on or before October 31, 2003.

In light of the fact that the Fund’s revenues and fuel costs are contracted for on a long-term basis, and assuming normal hydrological conditions for the remainder of the year, the Fund expects that its operations will perform according to plan for the rest of the year and provide unitholders with the expected level of distributions.

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.

Click here to consult the Boralex Power Income Fund Second Quarter Financial Results

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Conference call: Boralex Power Income Fund second quarter results

Boralex Power Income Fund will hold a conference call on August 8, 2003, at 9:00 am to present the second quarter results. Financial analysts are invited to take part by dialling 514-985-8002 or 1-800-284-3982. A recording of the conference call will be available as of August 15, 2003, by dialling 1-800-558-5253, access code 21157759.

For further information, please contact:

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

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

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