MONTREAL, Dec. 11 /CNW Telbec/ - Boralex Power Income Fund (the "Fund") has declared today its monthly cash distribution for December in the amount of $0.05833 per trust unit. The distribution will be paid on January 21, 2010, to unitholders of record at the close of business on December 31, 2009.
In addition, the Fund is announcing a reduction of its distributions to unitholders from $ 0.70 to $ 0.40 per trust unit on an annualized basis, starting with the distribution to be declared in January 2010 and payable in February 2010. This decrease, representing an annual saving of nearly $18 million, will allow the distributions to be maintained at a level lower than the distributable cash for several years.
"Despite the excellent quality of its assets and their long service life, the Fund faces, among others, the effects of difficulties in the forest industry and the impact of the continued appreciation of the Canadian dollar on the U.S. dollar, which should be sustainable in the medium term. As the Fund's philosophy has always been to maintain financial flexibility and a cash reserve in relation to its operating risks, the decision to reduce distributions to unitholders is the most conservative in the circumstances given the uncertainty of the forestry industry's future" said Claude Boivin, President of the Board of Trustees.
About Boralex Power Income Fund
Boralex Power Income Fund (the "Fund") is an unincorporated open-ended trust that indirectly owns ten power generating stations located in the province of Québec and in the United States producing energy from different sources including wood-residue or natural gas thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 190 MW. The Fund's units are listed on the Toronto Stock Exchange ("TSX") under the symbol BPT.UN.
SOURCE BORALEX POWER INCOME FUND
For further information: For further information: Ms. Sophie Paquet, Communications Advisor, Boralex Inc., (514) 985-1353, email@example.com