Boralex Power Income Fund Announces Results for Q3 2003

Montréal, November 7, 2003- For the third quarter ended September 30, 2003, Boralex Power Income Fund (the "Fund") announced that revenue from energy sales totalled $15.0 million compared to $13.2 million for the same period in 2002. Earnings before depreciation, amortization and financial expenses ("EBITDA") amounted to $6.4 million compared to $6.2 million for the same period in 2002. Net earnings for the quarter ended September 30, 2003 were $3.6 million, or $0.09 per trust unit, versus $3.1 million or $0.08 per trust unit for the same period in 2002.

For the nine months ended September 30, 2003, revenue from energy sales totalled $50.3 million, compared to $35.8 million for the period from February 20 to September 30, 2002, while EBITDA amounted to $23.9 million compared to $18.9 million for the period from February 20 to September 30, 2002. Net earnings stood at $14.6 million or $0.36 per trust unit, versus $11.7 million or $0.29 per trust unit for the period from February 20 to September 30, 2002.

Distributions to unitholders for the third quarter of 2003 amounted to $8.9 million, which was in line with distributions for the same period of 2002. On October 22, 2003, the Fund has announced an increase of approximately 3%, compared to the previous monthly distributions, taking into account the recent acquisition of the two hydroelectric power stations in the United States. As at September 30, 2003, the reserve accounts held a total of $42.5 million, including approximately $7.5 million of non recurring items, related to the acquisition and the financing of the two new power stations in the U.S., to be paid in the fourth quarter,

Note that on September 30, 2003, the Fund completed the acquisition of two hydroelectric power stations in New York State, U.S.A., with a total installed capacity of close to 60 MW. These two power stations have long-term power purchase contracts ending in 2035 and 2034. Furthermore, the 18,500,000 subscription receipts issued by the Fund on July 28, 2003, were exchanged for Fund trust units at a one-to-one ratio on September 30, 2003.

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 : (514) 284-9890
Fax : (514) 284-9895
E-mail : caudet@cascades.com