Boralex Announces its Fourth Quarter Income
Montréal, November 13th, 2002 – For the fourth quarter ended September 30, 2002, Boralex Inc. (the “Corporation”), reports that its net income was $2.5 million, or $0.08, per share, as compared to $3.0 million, or $0.10 per share, for the same period in previous year. The results for the quarter include a net loss of $1.0 million, or $0.03 per share, related to the shutdown of the Athens and Ashland power stations during the fourth quarter, and an after tax gain of $0.7 million, or $0.02 per share, to reflect the final adjustments to the unusual gain related to the sale of the power stations to Boralex Power Income Fund (the “Fund”). During this period, the Corporation generated revenue from the sale of energy of $20.9 million, as compared to $28.7 million in the same period in the previous year. The reduction in revenue is attributable to the shutdown of the two power stations in Maine during the quarter and the lost revenue from the seven power stations sold to the Fund earlier in the year.

For the year ended September 30, 2002, revenue from the sale of energy totalled $100.2 million, as compared to $91.4 million in the corresponding period in 2001. The revenue generated by the three US power stations, purchased at the end of 2001, more than offset the revenue lost from seven power stations sold to the Fund. Net income for the year was $62.0 million, or $2.07 per share, as compared to $7.9 million, or $0.31 per share, for the corresponding period last year. The results for the year include an unusual after-tax gain of $58.7 million, or $1.96 per share, resulting primarily from the sale of the power stations to the Fund in the second quarter of the year. Following is a breakdown of the Corporation’s net income for the reporting periods.

Breakdown of the Net Income
In million of dollars, except per share amount
Quarter ended
September 30, 2002
Year ended
September 30, 2002
$ Per share $ Per share
Unusual Items 0.6 .02 58.7 1.96
Operations 1.9 .06 3.3 0.11
Total 2.5 .08 62.0 2.07

“The measures taken during the year to optimize its biomass costs has been successfullresulting in a significant reduction in their cost by year end. In addition, the Corporation has signed power purchase agreements covering the winter period for certain US power stations which will allow these facilities to generate positive cash flows. However, the Athens and Ashland power stations will remain shut down until market conditions improve. Following the creation of the Fund, the Corporation is in an enviable financial position with cash reserves and virtually no long term debt. This will allow the Corporation to be active in the acquisition market for power assets in the coming year”, stated the President and Chief Executive Officer, Mr. Jacques Gauthier.

“Furthermore, the Corporation will benefit next year from the contribution of its new wind farm in Avignonet-Lauragais, France, which has just recently began commercial operations. The capacity of this facility will increase from 10,4 MW to 11,2 MW in the spring of 2003”, added Mr. Gauthier.

Boralex operates 11 power stations from biomass, natural gas and hydroelectricity in Quebec, the United States and in France. Also, Boralex Power Income Fund, which is managed by Boralex and in which Boralex holds an important position, operates eight power stations in Quebec from the same sources of fuel. Together, these two entities
have nearly 200 employees and have a total installed capacity of 360 MW. Boralex’s stock trades on the Toronto Stock Exchange under the ticker symbol BLX.A and Boralex Power Income Fund’s stock trades under the ticker symbol BPT.UN.

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Conference Call : Boralex’s Fourth Quarter Results
Boralex invites the financial analysts to participate in a conference call following the release of the Corporation’s fourth quarter results, November 13, 2002 at 11:30 A.M. , by dialing 514-985- 7034 or 1 800-208-6587. After this date, the recording will be accessible at your convenience until November 19, 2002, at 1 800-558-5253, access code: 21040544.

For further information, please contact:
Mr. Jacques Gauthier
President and Chief Executive Officer
Boralex Inc.
Telephone: (514) 282-2634
Fax: (514) 284-9895
E-mail: jgauthier@cascades.com

Mr. Germain Lecours
Vice-President and Chief Financial Officer
Boralex Inc.
Telephone: (514) 985-1348
Fax: (514) 985-1355
E-mail: glecoursr@cascades.com

Mrs. Carole Villeneuve
Director of Communications
Boralex Inc.
Telephone: (514) 985-1353
Fax: (514) 985-1355
E-mail: cvilleneuve@cascades.com

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