Boralex Announces the Appointment of its New Vice-President and Chief Financial Officer

Montréal (Québec), September 17, 2003 - Mr. Bernard Lemaire, Chairman of the Board and Chief Executive Officer of Boralex Inc. (the "Corporation"), is pleased to announce the appointment of Mr. Jean-François Thibodeau as Vice-President and Chief Financial Officer of the Corporation.

A member of the Ordre des comptables agréés du Québec since 1982 and holder of an MBA, Mr. Thibodeau has more than twenty years of experience in the world of finance. Until recently, he was Vice-President and Treasurer of CAE Inc. Throughout his career, he has worked for important corporations, such as G.T.C. Transcontinental Group and Provigo.

Boralex is confident that Mr. Thibodeau's development and management skills will help the Corporation reach its profit and growth objectives. Mr. Thibodeau will officially join Boralex on October 6, 2003.

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.


- 30 -

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

Mrs. Judith Asselin
Communications Coordinator
Boralex Inc.
Telephone : (514) 985-1361
Fax : (514) 985-1355
E-mail : judith_asselin@cascades.com