Boralex Power Income Fund's Net Earnings Reach $10.1 million in Q4 and $24.7 million for Fiscal 2003

Montreal, February 17, 2004 - Boralex Power Income Fund (the "Fund") announces that for the quarter ended December 31, 2003, revenue totaled $30.7 million, compared to $15.3 million for the same quarter in 2002. Earnings before amortization, depreciation, financial expenses and income taxes ("EBITDA") amounted to $20.2 million, versus $6.5 million for the same quarter in 2002. Net earnings totaled $10.1 million or $0.17 per trust unit, compared to net earnings of $3.2 million or $0.08 per trust unit a year earlier. This sharp increase in earnings is mainly due to the performance of two U.S. hydroelectric power stations acquired on September 30, 2003 and the improved productivity for the majority of the Fund's power stations during the quarter.

Second-quarter distributions to unitholders over the fourth quarter of 2003 rose to $15.9 million, compared to $8.9 million for the same period in 2002. Note that at October 22, 2003, the Fund announced an increase of approximately 3% over the previous distributions, on account of the acquisition of two hydroelectric power stations in the United States, raising the distribution per unit from $0.072 to $0.075. Fourth-quarter distributions paid to unitholders were $0.27 per trust unit, as opposed to $0.22 in 2002.

For the twelve-month period ended December 31, 2003, revenue totaled $80.9 million, compared to $51.1 million for the ten-month period ended on December 31, 2002. Consequently, EBITDA rose to $44.2 million in 2003, a 74% increase over EBITDA of $25.4 million the previous year. Finally, net earnings stood at $24.7 million in 2003 or $0.55 per trust unit, versus $14.9 million or $0.37 per trust unit for year 2002.

Besides the fact that the financial year ended the December 31, 2003, included two additional months compared to the financial year ended the December 31, 2002, the increase in earnings is attributable to the excellent contributions of the hydroelectric sector, which benefited from above-average hydrological conditions, and a marked improvement in the Senneterre power station's results during the last three quarters of 2003. The gas cogeneration sector, for its part, benefited from higher steam prices, which were influenced in turn by oil prices.

During fiscal 2003, the Fund paid out distributions of $42.5 million to unitholders, compared to $27.6 million in 2002. As at December 31, 2003, the cash and cash equivalents reserved for general purposes and major maintenance held a total of $27.6 million, compared to $6.5 million in 2002.

The Fund's strong financial position, coupled with its recent geographical and production diversification, will continue to support the attainment of its primary objective of generating stable, sustainable distributions to unitholders.

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.

Click here to consult the Boralex Power Funds Fourth Quarter Income

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For further information, please contact:

Mr. Claude Audet
President and Chief Operating Officer
Boralex Power Inc.
Telephone : (514) 284-9890
Fax : (514) 284-9895
E-mail : caudet@cascades.com