Boralex Announces Results for Q4 and Fiscal 2002-2003

Montreal, Quebec, December 4, 2003 - Boralex Inc. (TSX, BLX.A), the "Corporation", announces that for the fourth quarter ended September 30, 2003, revenue from energy sales totalled $17.4 million compared to $20.9 million for the same period in 2002. Earnings before amortization, financial expenses, unusual items, income taxes and non-controlling interests (EBITDA) in 2002 were $6.5 million but amounted to a loss of $1.3 million in 2003. Thus, Q4 of 2003 ended with a net loss of $4.2 million or $0.14 per share versus net earnings of $2.4 million or $0.08 per share in 2002.

The highly volatile electricity prices in the United States together with the increased cost of wood residue to fuel the U.S. power stations are partially responsible for the decrease in our performance. Also posted were certain unusual and non-recurring items included in operating and administration costs for the quarter. However, the Blendecques natural gas cogeneration plant and the Avignonet Lauragais wind farm, both in France, made positive contributions during the fourth quarter of 2003.

Bear in mind that at the end of the fourth quarter the Corporation had completed the acquisition of five hydroelectric power stations in New York State with a total installed capacity of 23.0 MW, and more recently proceeded with the commercial start-up of its second wind farm in Chépy, France, which has a total capacity of 4.0 MW.

For the twelve months ended September 30, revenue from energy sales amounted to $64.1 million, compared to $94.8 million for fiscal 2002. EBITDA totalled $5.4 million versus $22.1 million in 2002, while the Corporation posted a net loss of $5.7 million or $0.19 per share versus net earnings of $53.4 million or $1.78 per share in 2002. The results include a loss of $1.9 million related to discontinued operations.

In February 2002, when seven power stations were sold to the Fund, the Corporation posted an unusual gain net of costs amounting to $70.9 million. Because this sale took place on February 20, 2002, the results for fiscal 2002 include almost five months of operation by Boralex.

"While the market conditions in the northeastern United States remain volatile, Boralex gives prominence to its efforts to turn around its U.S. operations and take advantage of development opportunities. We also continue to implement programs to provide better cost control, optimize provisioning and improve our production processes," said Bernard Lemaire, Chairman of the Board and Chief Executive Officer.

"Finally, the contributions from our five new hydroelectric power stations in the United States, our natural gas cogeneration station and our wind farms in France should enable us to improve our performance in 2004," said Mr. Lemaire.

Boralex 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 green energy. It employs more than 240 workers and owns 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 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. (www.boralex.com)

- 30 -

Conference Call: Results for Q4 of 2003

Boralex Inc. will hold a conference call on December 4, 2003 at 11 a.m. to present the financial results for the fourth quarter of fiscal 2002-2003. Financial analysts are invited to take part by dialling 514-985-4430 or 1-800-274-8650. A recording of the conference call will be available until December 12, 2003 by dialling 1-800-558-5253, access code 21171970.

Click here to consult the Boralex Fourth Quarter Income

For more information: