Montréal, February 8, 2002 – Boralex Inc. (“Boralex” or the “Corporation”), one of the largest private producers of hydroelectric and thermal power in Canada and Boralex Power Income Fund (the “Fund”) announce that they have entered into an underwriting agreement with a syndicate of underwriters 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 for its initial public offering of $250,000,000 of trust units at a price of $10 per unit. The expected yield of the units of the Fund is 8.75% per annum. A final prospectus has been filed in all provinces of Canada for this offering.

Standard & Poor’s has assigned its “SR-2” (positive outlook) stability rating to the Fund’s initial public offering. The “SR-2” rating indicates a very high level of stability in distributions.

The net proceeds of the offering will be used to acquire eight power generating facilities with a maximum installed capacity of 131 MW. The Fund will acquire 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, all located in the Province of Québec. In addition, the Fund will be acquiring, from RSP Hydro Trust, a hydroelectric facility located in Forestville.

Mr. Jacques Gauthier, President and Chief Operating Officer of Boralex stated: “The creation of the Fund is a positive development for Boralex as it will allow Boralex to repay a significant portion of its indebtedness and to pursue its growing profitability in executing its business plan. The Fund and Boralex should also benefit from the synergies between the Corporation and the Fund as well as from a solid financial foundation to enable future growth”.

Boralex will hold a significant interest in the Fund, which will be approximately 34%, assuming that the Underwriters exercise their overallotment option. The Corporation will continue to administer and manage the facilities to be acquired by the Fund and will lend its expertise in the acquisition, construction, operation and management of power stations.

The Fund will make monthly cash distributions to unitholders to the maximum extent possible. The closing is expected to occur on or about February 20, 2002 and the first distribution is expected to be paid on or about March 21, 2002.