Montreal (Quebec), November 8, 2002 – For the quarter ended September 30th 2002, its second full quarter of operations, Boralex Power Income Fund (the ”Fund”) generated revenue of $15.5 million and net income of $3.2 million or $0.08 per unit. For the period from February 20th, 2002, to September 30th 2002, total revenue of the Fund was $39.0 million and its net income totaled $12.1 million or $0.298 per unit. Distributions to unitholders totaled $ 18.7 million or $0.462 per unit. During the quarter, the Fund used $2.3 million of its reserve to cover distributions to its unitholders and to realize capital expenditures to optimize operations at its Senneterre power station.

In light of the fact that the Fund’s revenues and fuel costs are contracted for on a long term basis and assuming normal hydrological conditions, the Fund expects that its operations will perform according to plan for the rest of the year and provide unitholders with the expected level of distributions.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns and operates eight power generating stations located in the province of Québec producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 131 MW. The Fund’s units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.