History

A group of businessmen from the companies Laduboro, Albany Oil and Exar form a joint company. The name of the company, BORALEX, is derived from the names of their respective companies: LaduBOR, ALbany Oil and EXar.

Cascades moves into the energy sector, starting up the first natural gas-fired cogeneration plant in Canada, at Kingsey Falls.

The Kingsey Falls site becomes one of the first power stations in Québec to supply electricity to the Hydro-Québec grid.

Hydro-Québec issues a limited request for proposals (APR-91), to private producers to meet its power requirements. Cascades responds, which leads to development of its energy segment.

Through its subsidiary Cascades Énergie, Cascades acquires an 82.5% interest in Boralex through a reverse takeover. Boralex keeps its name, even after joining the Cascades Group.

Boralex now has five hydroelectric power stations and one natural gas cogeneration plant, all in Québec, with a total installed capacity of 50.5 MW.

To support its growth and take on new projects, Boralex issues its first public share offering to finalize several acquisitions and strengthen its financial position. Cascades' interest in Boralex decreases to 71%.

Boralex ends the year with an asset portfolio of 11 power stations with a total installed capacity of 62 MW. Its core competencies are in natural gas-fired thermal energy and hydroelectric energy.

Boralex gains its first foothold in France with the acquisition of La Rochette hydroelectric power station.

Another first: Boralex moves into the wood-residue thermal energy market with the acquisition of the Stratton power station in Maine, USA; other thermal power stations will be acquired in subsequent years.

In January and June, Boralex proceeds with two public share issues for a total of $73 million, reducing Cascades' interest in the Corporation from 71% to 40%.

By the end of 2001, Boralex's looks like this: 200 employees, 18 power stations in Québec, the United States and France, a total installed capacity of close to 350 MW, with electricity being generated by hydroelectric, thermal and gas- and wood-residue-fired cogeneration power stations.

To meet financial obligations and achieve profitable growth, in 2002 Boralex creates the Boralex Power Income Fund, which it manages, and in which it holds a 34% interest. The Boralex Power Income Fund has five hydroelectric power stations, one natural-gas cogeneration plan and two wood-residue thermal power stations, all in Québec, with a total installed capacity of close to 131 MW.

In November, Boralex takes its first steps in the field of wind power, starting up its first wind farm in Avignonet-Lauragais in France. This diversifies is sources of generation and allows it to further its development in France.

Boralex acquires five new hydroelectric power stations in New York, USA, with a combined installed capacity of 23 MW. Boralex now has a total installed capacity of 240 MW.

Following these acquisitions and a new share issue by the Fund, Boralex's interest in the Boralex Power Income Fund decreases to 23%. As at December 31, 2003, Cascades' interest in Boralex stands at 43%.

These transactions make it possible to purchase three wood-residue thermal power stations in Maine and to consolidate Boralex's presence in the northeastern United States.

Boralex triples its installed capacity in wind power by starting up new wind farms. This includes the biggest wind farm in France at that time, at Ally-Mercoeur (39 MW - 26 wind turbines). This brings Boralex's total installed capacity in wind power in France to 89 MW.

In September, Boralex welcomes a new president and CEO, Patrick Lemaire.

In June, a public issue and the refinancing of some of its master credit agreements in France strengthen Boralex's financial position. Cascades' interest in Boralex is now at 34%.

Boralex continues to develop and geographically diversify its wind power segment. In July, it starts up its seventh wind farm, La Citadelle, in France. Also, on September 18, Boralex, in a joint venture with Gaz Métro Limited Partnership and the Seminary of Québec, submits three proposals to supply 375 MW of wind power to Hydro-Québec in response to its request for proposals for 2,000 MW of wind power.

With the wind in its sails, Boralex, continues to expand in the wind power market with developments in Québec. The consortium composed of Boralex and Gaz Métro Limited Partnership, with the assistance of the Seminary of Québec, is awarded two of the three wind power projects submitted in response to Hydro-Québec's call for proposals for 2,000 MW. The wind farms at Seigneurie de Beaupré will have a total installed capacity of 272 MW and will start operating in 2013.

Boralex strengthens its presence in Canada by acquiring the rights to nine wind farms in Ontario. The Thames River site, which will have an installed capacity of 90 MW, will be built in three stages.

Early in the year, Boralex purchases a power station in Ocean Falls, in northern British Columbia, with an installed capacity of 14.5 MW and an estimated hydroelectric potential of more than 35 MW.

In July 2009, the Government of Quebec grants Boralex and Gaz Métro Limited Partnership, the decree for their two wind power farms of the Seigneurie de Beaupré.

In September, Boralex concludes financing arrangements for its Thames River wind farm in southern Ontario, facilitating the construction and operation of four wind farms that have a total installed capacity of 40 MW.

Boralex also completes financing for Cham Long II wind farm in France of an installed capacity of 4.6 MW.

In October, Boralex completes the financing and acquisition of Chasse-Marée wind farm in the department of the Somme, in France, with an installed capacity of 9.2 MW and for which commercial start-up is slated for the second quarter of 2010. Boralex also obtains a better wind power rate for its four Thames River wind farms in Ontario, thanks to the new Advanced RESOP Program.

In December, Boralex announces the signature of a new European partnership in which Cube Infrastructure Fund ("CUBE") will be directly involved in Boralex’s European corporate structure.

Boralex and its new European partner CUBE proceed to the acquisition of three wind farms in France, increasing Boralex’s installed wind power capacity in Europe to 170 MW.

Boralex now operates 29 wind, hydroelectric and thermal power facilities in Canada, the United States and France, with a total installed capacity of 417 MW.