Acquisition of Five U.S. Hydroelectric Power Stations Marks Important Advance for Boralex

Montréal (Québec), September 30, 2003 - Boralex Inc. (the "Corporation") (TSX, BLX.A) announces the successful closing of the acquisition of five hydroelectric power stations in New York State, US, from Black Hills Generation Inc., a subsidiary of Black Hills Corporation ("Black Hills") (NYSE, BKH). The purchase price for the power stations totalled US$8.7 million (approximately C$11.7 million), subject to post-closing adjustments, and was financed with the Corporation's available cash resources.

The acquisition was made through one of the Corporation's U.S. subsidiaries and includes the facilities of Middle Falls (2.3 MW), New York State Dam (11.4 MW), Fourth Branch (3.1 MW), Warrensburg (2.9 MW) and Sissonville (3.0 MW), all located on separate rivers except for the New York State Dam and Fourth Branch power stations, which are both located on the Mohawk River.

These power stations, with a total installed capacity of 23 MW, have been in operation since the early 1990s and have power purchase contracts with Niagara Mohawk Power Corporation (NIMO), a regulated public company with a high credit rating. The Middle Falls facility has a long-term power purchase contract ending in 2028, while the four other facilities have contracts expiring at the end of 2003.

As well, through a U.S. subsidiary, the Corporation will manage the two hydroelectric power stations acquired from Black Hills by Boralex Power Income Fund. These are the Hudson Falls (45.8 MW) and South Glens Falls (13.9 MW) power stations, both located in New York State.

"This transaction provides a strategic advance in the Corporation's development that will consolidate its presence in presently or soon-to-be deregulated markets in its renewable and green energy production sectors. We are confident that the addition of these U.S.-based hydroelectric power stations will help to strengthen our financial position and allow us to benefit from greater revenue diversification with regard to the Corporation's various energy production sectors," said Bernard Lemaire, Chairman of the Board and Chief Executive Officer.

Boralex owns and operates seventeen power stations located in Québec, the United States and France, with an installed capacity of close to 252.0 MW, as well as an urban wood processing and recycling centre in Montréal. In addition, the Corporation holds a 23% interest in Boralex Power Income Fund (the “Fund”), which owns ten power stations in Québec and the United States with an installed capacity of close to 191.0 MW. Management of the Fund‘s assets is provided by Boralex. The Corporation employs more than 240 workers and its operations focus on four types of power generation: hydroelectric power, thermal or cogeneration power from natural gas or wood residue and wind power. These are all fields where Boralex has developed proven expertise and they are all centered on renewable energy and green energy. (www.boralex.com)

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For further information, please contact:

Mrs. Carole Villeneuve
Communications Director
Boralex Inc.
Telephone : (514) 985-1353
Fax : (514) 985-1355
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