Normal Course Issuer Bid of the Boralex’s Class A Shares

Montréal (Québec), May 14, 2004 - Boralex Inc. (the “Corporation”) announces that the Toronto Stock Exchange has accepted its notice of intention to begin a normal course issuer bid in respect of its Class A Shares. Purchases pursuant to the normal course issuer bid will not start prior to May 18, 2004 and will not continue beyond May 17, 2005. The Class A Shares purchased shall be cancelled.

The notice will enable the Corporation to acquire up to 1,450,000 Class A Shares which represent approximately 5% of the 29,875,262 issued and outstanding Class A Shares as at April 30, 2004. All purchases will be made through the Toronto Stock Exchange in accordance with its requirements.

During the last year, the Corporation has purchased 75,000 of its Class A Shares at an average price of $3.5956 per share under a normal course issued bid. The Corporation considers that the market price of the shares subject to this notice does not reflect their true value from time to time and that the purchase of the shares represents an excellent opportunity to enhance shareholder value.

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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For further information, please contact:

Mr. Jean-François Thibodeau
Vice-President and Chief Financial Officer
Boralex Power Inc.
Telephone: 514-985-1348
Fax: 514-985-1355
E-mail: jean-francois_thibodeau@cascades.com