Boralex Inaugurates Its First Natural Gas Cogeneration Plant in France

Blendecques (France), September 16, 2003 - The Boralex Blendecques S.A.S. natural gas-fired cogeneration power station located in Blendecques in the Nord Pas-de-Calais region of France, a project which began in December 2000, was officially inaugurated today in the presence of many local dignitaries, business partners and employees from Norampac Avot-Vallée S.A.S. and Boralex Inc. Construction of this power station required an investment of approximately €9.1 million (C$14 million).

The completion of the plant is in line with Boralex's objective of development through diversification in both the geographical location of its plants and in production methods. The opening of this plant also marks a decisive step in the Corporation's European expansion.

"The completion of this major project demonstrates Boralex's ability to support its growth and profit objectives using the strength of our know-how," said Bernard Lemaire, Boralex's Chairman of the Board and Chief Executive Officer.

The Blendecques cogeneration plant, which had its commercial start-up in January 2002, has a total installed capacity of 14.0 MW, for an annual production of 82.0 GWh all of which is sold to Électricité de France under a 12-year contract. In addition to this, the annual production of steam, forecasted at 221,000 tonnes, will be sold to the adjacent Norampac Avot-Vallée paper mill under a 20-year agreement.

The acquisition last winter, of the units held by Industélec Services S.A, a partner in the development of this station, will allow Boralex to fully consolidate the results of Boralex Blendecques S.A.S.

A pioneer in the development of natural gas fired co-generation plants, Boralex was the first corporation to operate a natural gas-fired cogeneration power station of this type in Canada, starting in 1990. This first power station, located in Kingsey Falls, Quebec, is still the only one of its kind currently running in Quebec.

Boralex operates twelve wood-residue, natural gas cogeneration, hydroelectric or wood turbine thermal energy producing stations in Québec, the United States and France. Also, Boralex Power Income Fund, which is managed by Boralex and in which Boralex holds an important participation, operates eight hydroelectric, thermal or wood-residue as well as natural gas cogeneration energy producing stations in Québec. Together, these two entities have more than 230 employees and have a total installed capacity of more than 360 MW. Boralex's stock trades on the Toronto Stock Exchange under the ticker symbol BLX.A and Boralex Power Income Fund's stock trades under the ticker BPT.UN.



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For further information, please contact:

Mrs. Carole Villeneuve
Communications Director
Boralex Inc.
Telephone : (514) 985-1353 in Canada / 03 21 98 77 00 in France
Fax : (514) 985-1355 in Canada /03 21 98 77 29 in France
E-mail : cvilleneuve@cascades.com

Mr. Claude Audet
President and Chief Operating Officer
Boralex Inc.
Telephone : (819) 363-5860
Fax : (819) 363-5866
E-mail : caudet@cascades.com

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