Boralex : Ferme-Neuve’s Project

Montreal, Quebec, March 15, 2004 - Boralex Inc. (TSX, BLX.A), the «Corporation», announces that the agreement related to the sale of electricity from the wood residue-fired power station project of 34.5 MW at Ferme-Neuve, in the Upper Laurentians region of Québec, due to be signed with Hydro-Québec Distribution, has not been concluded. The conditions foreseen by the Corporation for the realization of this project are no longer present.

Let us remember that Hydro-Québec Distribution had retained this project within the framework of tenders requests concluded in December 2003, which had for object the purchase of electricity produced from wood residue.

During the last months, the Corporation has completed the required environmental impacts study and pursues the consultation process that follows. Furthermore, the Corporation continues to deploy all possible efforts toward the realization of this project in suitable conditions.

Moreover, the Corporation will pursue its project development activities and will continue to participate in the tenders that will be issued in the four sectors for which it has developed a solid expertise.

 

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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