Boralex Announces Results for First Quarter of 2003-2004

Montreal, Quebec, February 23, 2004 - For the first quarter ended December 31, 2003, Boralex Inc. (TSX, BLX.A), the "Corporation", posted revenue from energy sales of $18.0 million compared to $15.7 million for the same period of 2002. Earnings before depreciation, amortization, financial expenses, income taxes and non-controlling interests (EBITDA) for continuing operations in 2003 amounted to $2.9 million, up 22% from the same quarter of last year. The first quarter of 2003 ended with a net loss of $0.2 million or $0.01 per share, versus a net loss of $0.8 million or $0.02 per share in 2002.

The Corporation's results for the quarter benefited from the contribution of the hydroelectric power stations acquired on September 30, 2003. Thanks to excellent hydrological conditions, these power stations alone generated $1.9 million in revenue. A positive contribution was also provided by the European facilities, including the Chépy wind farm, which had its commercial start-up in November 2003, and the Blendecques power station, now wholly owned since January 2003 where the Corporation bought the remaining 50% interest from its partner. However, the higher production of the U.S. wood-fired power stations could not fully offset the rise in operating expenses caused primarily by that sector's higher fuel costs. Finally, the Corporation's share in the results of Boralex Power Income Fund grew as a result of the Fund's excellent performance during the same quarter.

"With economic conditions remaining difficult in the northeastern United States, Boralex is working even harder to improve operational productivity in the wood residue sector, optimize its provisioning strategies and upgrade its expertise in the sale of electricity. Implementing a rigorous action plan and diversifying our production sources will help us to achieve our operating and development objectives. A more operational, results-based approach should allow us to improve our performance during fiscal 2004", said Claude Audet, President and Chief Operating Officer.

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 renewable 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 240.0 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)

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