Boralex and UQAR Partner To Develop Wind Energy

RIMOUSKI -- - Boralex Eole inc. - a joint venture company created by Boralex and SOQUIP Energie, a subsidiary of SGF - and the Université du Québec à Rimouski (UQAR) announce that they have entered into a partnership agreement to develop wind energy in the Gaspésie and Bas St- Laurent regions of Québec.

In light in of the recent request for proposals by Hydro-Québec Distribution to supply a total of 1,000 MW of wind power over a 10 year period, Boralex Eole will benefit from UQAR's expertise in training, research and development in this energy sector. The partnership will conduct a numberof wind studies in these two regions of Québec to determine which sites have the potential to be developed. In addition, UQAR will be invited to participate financially in the various projects that are selected for the development.

Regional Economic Benefits : A Priority

Boralex Eole will install wind measurement instruments in the Rimouski area, which will be the company's base for research and development for wind energy. These installations will provide Boralex Eole and UQAR with the knowledge required to measure wind and how to convert it into energy by providing them with continuous, accessible and reliable wind data. Also, the Murdochville area has been selected for wind measurement activities. Boralex Eole intends to favour local suppliers of equipment and services for the construction and start up of the various projects selected for development.

"The success in the development of wind power in the Gaspésie and Bas St- Laurent regions is a function of our ability to include in our projects strategic partners with whom we will generate expertise, which will have academic and economic benefits for the regions. As such, the support of UQAR will be a substantial contribution to making Québec an important player in the future in wind energy, which is now growing rapidly." said Jacques Gauthier, President and Chief Executive Officer of Boralex.

UQAR : a Source of Expertise in Wind Energy Power in Canada

UQAR is the most important source of expertise in the wind energy sector in Canada, with a team of four professors and ten graduate and post graduate students focusing on research and development in this sector. This research is being conducted with the help of various Québec based companies and in such diverse areas as the design of blades, the establishment of power curves from wind, the architectural design of power stations and various other related issues impacting the viability of this energy source.

UQAR is also involved in manpower training in the wind power sector, offering a new program of superior studies, which focuses on both the management and the technical issues for wind power installations. In addition, UQAR continues to monitor research and development in this area from outside Québec through relationships with University d'Artois in France and UNB in Eastern Canada.

Rector Michel Ringuet indicates that "this new partnership is consistent with UQAR's objectives of developing ongoing relationships with the private sector to foster economic development in the Gaspésie and Bas St-Laurent regions. Once developed, these new installations will provide opportunities for both permanent employment for our graduates and training for our students."

On March 10 of this year, the creation of Boralex Eole was announced. It is owned 60% by Boralex inc. and 40% by SOQUIP Energie, a subsidiary of SGF. This new joint venture company has been set up on a mutual exclusive basis to develop, construct and operate wind energy power stations in Québec.

About Boralex

Boralex owns and operates twelve power stations located in Québec, the United States and France, with an installed capacity of 229 MW, as well as an urban wood processing and recycling centre in Montréal. In addition, Boralex holds a 34% interest in Boralex Power Income Fund (the "Fund"), which owns eight power stations in Québec with an installed capacity of 131 MW. Management of the Fund's assets is provided by Boralex. Boralex employs more than 230 workers and its operations focus on four types of power generation in fields where Boralex has developed proven expertise. These are centered on renewable energy and green energy. (www.boralex.com).

In France, Boralex operates 10 wind turbines with a total capacity of 8 MW through a subsidiary Séris Eole S.A.S. This wind farm is located in the South-West of France and supplies electricity to Electricité de France (EDF) under a long-term contract. During 2003, 3.2 MW will be added to the capacity of this site.