Boralex to Double Its Wind Energy Installed Capacity in France

Montreal, Quebec, March 16, 2004 - Boralex Inc. (TSX, BLX.A), the «Corporation»,
through its French subsidiary Boralex S.A.S., announces that it will build and operate a third wind energy production site in France with an installed capacity of 12.0 MW. Boralex S.A.S. will hold a 95% interest in Ferme éolienne de Nibas S.A.S. This project will require an investment of close to $20 million (12.8 Euros). Financing will be put in place by a French banking syndicate and all the electricity produced will be sold to Électricité de France under a long-term contract for fifteen years.

Located at Nibas in the Somme department, about 4 km from Ferme éolienne de Chépy S.A.S., which Boralex began operating commercially in November 2003, the new site will include six wind turbines with a capacity of 2.0 MW each. This will bring Boralex's total installed capacity in the wind sector in France to 24.0 MW.

"Along with the benefit of further diversifying our production sources, the addition of this site falls in with the development of forward-looking projects in the wind energy segment. Having acquired solid expertise in this complex area, Boralex is well positioned to continue its expansion within this high-growth sector in France, notably in the Picardie and Nord-Pas-de-Calais regions," said Claude Audet, President and Chief Operating Officer.

Construction on the Nibas site is slated to begin in May 2004, with the facility's start-up scheduled for next November. Ferme éolienne de Nibas is the product of a second partnership with InnoVent.

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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