Montreal (Quebec), May 13th 2002 – Boralex Power Income Fund (the ”Fund”) is presenting its initial interim report for the period from February 20th 2002 to March 31st 2002. During this five week period, the Fund earned revenues of $9.5 million, generated net earnings of $4.6 million ($0.112 per unit) and declared distributions to its unitholders totaling $3.9 million ($0.096 per unit). The results for the period include a contribution of $1.1 million by Boralex Inc., a 34% unitholder and its manager, to cover a shortfall in operating income at the Senneterre power station where the start up was not completed. All of the other power stations in the Fund operated normally during the period. The distributions made to unitholders during the period were sourced by cash flows from operations without any charge to the reserve.

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.