Montréal, February 20, 2002 – Boralex Power Income Fund (the “Fund”), announced today the successful completion of its initial public offering of 25,000,000 trust units at an issue price of $10.00 per unit. The trust units begin trading today on the Toronto Stock Exchange under the symbol BPT.UN. The issue was co-led by National Bank Financial Inc. and BMO Nesbitt Burns Inc. and including TD Securities Inc., Scotia Capital Inc., CIBC World Markets Inc., Desjardins Securities Inc. and FirstEnergy Capital Corporation. The Fund has granted to the underwriters an option to purchase up to an additional 1,800,000 units at the offering price for a period expiring 30 days following the closing to cover over-allotments, if any, and for market stabilization purposes.

“The Fund, which benefits from its solid partnering with Boralex, which continues to hold an interest of approximately 34% of the Fund (assuming the exercise of the over allotment option), constitutes an investment vehicle characterized by the stability and predictability of its distributions due to the quality of its assets and its long term power purchase agreements and steam purchase agreements. It is also important to note that the Fund’s capital structure gives it a financial flexibility that will assure its growth and the development of its unique synergy with Boralex. We are also confident that the creation of the Fund should have a positive impact on Boralex’s earnings per share”, indicated Jacques Gauthier, President and Chief Operating Officer of the Fund.

“We are also proud of the interest shown by investors across Canada for the Fund’s IPO, which we understand is one of the most significant in Canada”, added Mr. Gauthier. The net proceeds of the offering have been used by the Fund to acquire 8 power stations with an installed capacity of 131 MW. The Fund acquired from Boralex the hydroelectric facilities located in Beauport, Buckingham, Rimouski and Saint-Lambert, the biomass facilities located in Dolbeau and Senneterre and the gas-fired facility located in Kingsey Falls. In addition, the Fund acquired, from RSP Hydro Trust, a hydroelectric facility located in Forestville. All of these facilities are located in the province of Québec.

The expected yield on the Fund’s units is 8.75% per annum. The Fund will make monthly cash distributions to unitholders with the first distribution expected to be paid on or about March 21, 2002. This news release includes statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Future results will be influenced by a number of factors including those related to plant performance, fuel cost, equipment failure and other factors which are more amply described in the section “Risk Factors” in the disclosure documents which have been filed with the Canadian securities administrators. Consequently, future results may vary substantially from any implied or expressed future-oriented information contained herein.

Boralex Inc. and the Boralex Power Income Fund own and operate 18 generating stations producing energy from different sources including wood-residue or natural gas fired thermal and cogeneration facilities and hydroelectric power stations. Together, their power stations have an installed capacity of approximately 350 MW and employ over 200 persons. These power stations are located in Quebec, the United States and France. Boralex’s stock trades on the Toronto Stock Exchange under the ticker symbol BLX.A.