Montréal, Québec, July 12, 2004 – Boralex Power Income Fund (the “Fund”) announces that its wholly-owned subsidiaries, BPIF Finance LP (“Finance LP”) and Boralex Power Trust (“BPT”), have respectively issued US$70.7 million and CA$35 million senior secured notes. These issues were completed by way of private placements with eligible investors in Canada. Proceeds of these issues will be used to refinance borrowings under the bridge facility put in place in September 2003 to fund the acquisition of the Hudson Falls and South Glens Falls hydroelectric power generating facilities in New York State.

Finance LP’s 6.2 per cent senior secured notes are due August 31, 2013 and are secured by all existing US assets of the Fund. BPT’s 6.6 per cent senior secured notes (the “CA$35 million BPT Senior Secured Notes”) are due on July 9, 2014 and are secured by all existing Canadian assets of the Fund. Both senior secured notes will allow the Fund to benefit from low and stable financing costs for close to 10 years. Moreover, the CA$35 million BPT Senior Secured Notes will also allow for additional debt to be issued in the future, assuming certain covenants are met, which permits BPT to align the benefits of stable long-term financing costs with flexibility for future investments.

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns ten power generating stations located in the Province of Québec and the United States 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 190.0 MW. The Fund’s units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.