Boralex Power Income Fund Expands in the U.S. with the Acquisition of Two Hydroelectric Power Stations

Montréal (Québec), September 30, 2003 - Boralex Power Income Fund (the "Fund") (TSX, BPT.UN) confirms the completion of a previously announced transaction to acquire two hydroelectric power stations in New York State, U.S., from Black Hills Generation Inc., a subsidiary of Black Hills Corporation ("Black Hills") (NYSE, BKH), for a total consideration of US$177.3 million (approximately C$239.4 million), subject to post-closing adjustments. With these acquisitions, the Fund's total installed capacity will increase from 131.0 MW to 191.0 MW, or by about 46%.

Held by a new U.S. subsidiary, the power stations at Hudson Falls (installed capacity of 45.8 MW) and South Glens Falls (installed capacity of 13.9 MW) are located on the Hudson River, near the city of Glens Falls, New York. The power stations have long-term power purchase contracts with Niagara Mohawk Power Corporation (NIMO), a regulated public company with a high credit rating. The contracts expire in 2035 and 2034, respectively. Built in the mid-1990s, these two modern, efficient hydroelectric power stations have a good track record for very stable electricity production. Management, operating and maintenance services for these facilities will be provided by a U.S. subsidiary of Boralex Inc.

In addition, the 18,500,000 subscription receipts issued by the Fund on July 28, 2003, in accordance with the short-form prospectus dated July 18, 2003, have been exchanged today for trust units of the Fund on a one-to-one ratio.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns ten power generating stations located in the province of Québec and the United States 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 close to 191.0 MW. The Fund’s units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.



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For further information, please contact:

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

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

Mr. Nicolas FontaineDirector,
FinanceBoralex Power Inc.
Telephone : (514) 282-2647
Fax : (514) 985-1355
E-mail : nfontaine@cascades.com