Montreal (Quebec), July 31th 2002 – For the quarter ended June 30, 2002, its first full quarter of operations, Boralex Power Income Fund (the ”Fund”) generated revenue of $15.0 million and net income of $4.3 million or $0.106 per unit. The results for the quarter include a contribution of $0.5 million from Boralex Inc., a 34% unitholder and its manager, to cover lost revenue and additional operating costs during the start up period at the Senneterre power station in April and May. From the beginning of June, this power station was operating at its design capacity. All of the other power stations operated according to expectations and their financial results are in line with the forecast provided in the Fund’s prospectus of February 20, 2002. During the quarter, the Fund used $3.4 million of its reserve to cover distributions to its unitholders and to realize the major capital annual maintenance expenditures at its Kingsey Falls cogeneration plant which underwent a planned major overhaul of its turbine generator in June.

For the period from February 20, 2002, to June 30, 2002, total revenue of the Fund was $24.5 million and its net income totaled $8.8 million or $0.218 per unit. 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.