Montréal, Québec, February 28, 2002 – Boralex Power Income Fund (the “Fund”) announced that the syndicate of underwriters, co-led by National Bank Financial Inc. and BMO Nesbitt Burns Inc., has fully exercised the over-allotment option that it was granted as part of the Fund’s initial public offering for a gross consideration of $18 million. As a result, the underwriters have acquired 1,800,000 additional trust units of the Fund at $10 per trust unit, which brings the total gross amount of the initial public offering to $268 million.

The Fund has also today declared its first cash distribution in respect of the period from February 20, 2002 to February 28, 2002, representing nine (9) days, in the amount of 0.0234 per trust unit. The distribution will be paid on March 21, 2002 to unitholders of record at the close of business on February 28, 2002.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns, operates and manages eight (8) 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 131.0 MW.

The Fund’s units are listed for trading on The Toronto Stock Exchange under the
symbol BPT.UN.