Strong Asset Growth in 2010

MONTREAL, Feb. 23 /CNW Telbec/ - The 133% increase in the wind power asset portfolio and the acquisition of Boralex Power Income Fund (the "Fund") were the key developments in 2010 for Boralex Inc. ("Boralex" or the "Corporation"), pointing to a good performance in fiscal 2011. These items saw the Corporation record its all-time best fourth-quarter earnings before interest, taxes, depreciation and amortization ("EBITDA").

    <<
    (in millions of dollars, except per unit amounts)
    -------------------------------------------------------------------------
                      Three-month periods ended  Twelve-month periods ended
                    ---------------------------------------------------------
                      December 31,  December 31,  December 31,  December 31,
                             2010          2009          2010          2009
    Revenues from
     energy sales            73.0          46.1         202.9         184.8
    EBITDA                   30.2          12.0          64.0          57.3
    Net earnings              0.5          14.7          23.1          24.4
      Per share
       (basic and
       diluted)             $0.01         $0.39         $0.61         $0.65
    Cash flows from
     operations              13.2          11.3          37.0          47.4
    -------------------------------------------------------------------------
    >>

The integration of the Fund's power stations and the commissioning of over 140 MW of wind power during fiscal 2010 significantly increased the Corporation's annual power generation, totalling 2,044,784 MWh in 2010 compared with 1,574,874 MWh in 2009. This growth was also reflected in revenues from energy sales, which rose to $202.9 million in 2010 from $184.8 million in 2009.

In the fourth quarter of 2010, Boralex finalized the full acquisition of the Fund by executing the business combination agreement for the two entities on November 1, 2010. The swift integration of these assets and their immediate contribution to Boralex's year-end results underscore the complementary nature of these newly combined asset portfolios. Boralex recognized $64.0 million in EBITDA for fiscal 2010-of which $30.2 million was recorded solely in the fourth quarter of 2010-compared with $57.3 million for fiscal 2009. The Fund's assets contributed $15.1 million to EBITDA in the fourth quarter of fiscal 2010. Year over year, EBITDA nearly tripled in the fourth quarter of 2010, lifting Boralex to its best-ever fourth-quarter operating results.

The acquisition of the Fund entailed a host of benefits for Boralex, particularly an increase to 73% of installed capacity covered by long-term contracts from 63%, which will translate into greater stability in profit margins and cash flows. In addition, the acquisition of the Fund had a particularly strong impact on the hydroelectric power segment, whose contribution to Boralex's consolidated revenues rose to 12.9% in 2010 from 5.6% in 2009, while its share of consolidated EBITDA increased to 22.4% in 2010 from 7.4% in 2009-clear signs of the breadth and profitability of the hydroelectric assets acquired from the Fund. The contribution to the Corporation's operating results from this segment, which tripled in size with the acquisition, is expected to generate higher throughout in fiscal 2011.

Fiscal 2010 also saw significant growth in the wind power segment. In 2010, 143.5 MW in new capacity was brought online, more than doubling the segment's installed capacity. The contribution of these new assets will be fully reflected in the Corporation's financial results in fiscal 2011. Another notable event in 2010 was the acquisition by Boralex and its partners of rights for 119 MW in new wind power projects slated for commissioning in 2014 and 2015. The Corporation's fourth-quarter results show how Boralex is reaping the benefits of its expansion strategy in the wind power segment, which notably accounted for the Corporation's largest share of EBITDA in fiscal 2010, totalling $36.3 million in 2010 compared with $26.8 million in 2009.

The Corporation's wood-residue thermal power stations reported revenues from energy sales and EBITDA for fiscal 2010 of $105.4 million and $23.5 million, respectively, compared with $123.4 million and $40.0 million, respectively, for 2009. These declines resulted in part from the adverse impact of the termination of the U.S. tax credits program, lower market prices for electricity, foreign currency fluctuations and a drop in REC prices. The renewal of the power sales contract at the Fort Fairfield power station and the implementation of a new sorting system for old bark piles at the Senneterre power station are expected to have a positive impact in fiscal 2011. "Management remains cautious about the thermal power segment's outlook for 2011, but we're confident the segment has attractive potential over the longer term," stated President and CEO Patrick Lemaire.

For the year ended December 31, 2010, Boralex reported net earnings totalling $23.1 million or $0.61 per share (basic and diluted) compared with $24.4 million or $0.65 per share (basic and diluted) for 2009.

"Boralex is poised to reap the benefits of its new assets in 2011, as operating results reflect the full contribution of the wind power stations commissioned in 2010 and the Fund's power stations. Fiscal 2011 will see the addition of a new operating segment for Boralex with the commissioning in May of its first solar power station, whose construction is proceeding on schedule," added Mr. Lemaire. As a result of the development and acquisition of new assets in 2010, Boralex doubled the installed capacity of its energy portfolio, now totalling 700 MW, in addition to a development project pipeline with partners, exceeding 400 MW. As a result, the strategic goal of 1,000 MW in operation and development has nearly been met.

About Boralex

Boralex is a power producer whose core business involves developing and operating renewable energy power stations with a total installed capacity of 700 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects both independently and with European and Canadian partners to add approximately 400 MW of power. With nearly 350 employees, Boralex is known for its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal - and will add a fourth segment to its energy portfolio with the upcoming commissioning of its first solar power station. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.

Some statements in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, fluctuations in electricity selling prices, the Corporation's financing capacity, and adverse changes in general market and industry conditions, as well as other factors listed in the Corporation's filings with various securities commissions.

The summarized financial statements included in this press release also contain certain financial measures that are not in accordance with Canadian generally accepted accounting principles ("GAAP"). To assess the operating performance of its assets and reporting segments, the Corporation uses earnings before interest, taxes and amortization ("EBITDA") and cash flows from operations as performance measures. These are non-GAAP measures and have no standard definition under GAAP. These measures may be different from similarly-titled measures used by other companies. EBITDA corresponds to "Operating income" as reported in Boralex's consolidated statement of earnings. Cash flows from operations are equal to cash flows related to operating activities before change in working capital as reported in the consolidated statement of cash flows accompanying this press release.

    <<
    Consolidated Balance Sheets

                                                        As at         As at
                                                  December 31,  December 31,
    (in thousands of dollars) (unaudited)                2010          2009
    -------------------------------------------------------------------------

    Assets

    Current assets
    Cash and cash equivalents                          92,650        37,821
    Restricted cash                                    15,924             -
    Accounts receivable                                60,420        39,632
    Available-for-sale financial asset                 21,508             -
    Future income taxes                                     -           422
    Inventories                                         9,179         8,726
    Prepaid expenses                                    2,516         2,537
    Fair value of derivative financial instruments        769             -
    -------------------------------------------------------------------------
                                                      202,966        89,138
    Investment                                              -        55,446
    Property, plant and equipment                     810,700       413,539
    Energy sales contracts                            100,673        49,023
    Goodwill                                           70,721             -
    Other long-term assets                             47,699        56,621
    -------------------------------------------------------------------------
                                                    1,232,759       663,767
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Liabilities

    Current liabilities
    Bank loans and advances                               195        12,291
    Accounts payable and accrued liabilities           58,815        28,913
    Income taxes payable                                3,209           283
    Fair value of derivative financial instruments        183             -
    Current portion of long-term debt                  34,033        24,273
    -------------------------------------------------------------------------
                                                       96,435        65,760
    Long-term debt                                    479,546       206,116
    Convertible debentures                            220,824             -
    Long-term lease accruals                            2,981             -
    Future income taxes                                47,437        37,185
    Fair value of derivative financial instruments     10,834         7,645
    -------------------------------------------------------------------------
                                                      858,057       316,706
    -------------------------------------------------------------------------

    Equity attributable to shareholders
    Capital stock                                     222,853       222,694
    Equity component of convertible debentures         19,537             -
    Contributed surplus                                 5,527         4,295
    Retained earnings                                 184,690       159,900
    Accumulated other comprehensive loss              (66,799)      (46,859)
    -------------------------------------------------------------------------
                                                      365,808       340,030
    Non-controlling interests                           8,894         7,031
    -------------------------------------------------------------------------
    Total equity                                      374,702       347,061
    -------------------------------------------------------------------------
                                                    1,232,759       663,767
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statements of Earnings


    (in thousands of
     dollars, except
     per share amounts                  For the                     For the
     and number of          three-month periods        twelve-month periods
     shares)                  ended December 31,          ended December 31,
    (unaudited)              2010          2009          2010          2009
    -------------------------------------------------------------------------

    Revenues from
     energy sales          73,036        46,149       202,864       184,779
    Renewable energy
     tax credits                -         3,404             -        13,853
    Operating costs        37,448        28,119       115,568       122,100
    -------------------------------------------------------------------------
                           35,588        21,434        87,296        76,532

    Share in earnings
     of the Fund                -        (5,088)       (3,251)       (2,090)
    Management revenues
     from the Fund              -         1,789         4,437         5,876
    Other income              120           286           718         2,061
    -------------------------------------------------------------------------
                           35,708        18,421        89,200        82,379
    -------------------------------------------------------------------------

    Other expenses
    Management and
     operation of
     the Fund                   -         1,348         3,995         4,789
    Development             1,583         1,517         4,214         4,729
    Administrative          3,884         3,571        17,025        15,536
    -------------------------------------------------------------------------
                            5,467         6,436        25,234        25,054
    -------------------------------------------------------------------------
    Operating income       30,241        11,985        63,966        57,325

    Amortization           16,146         6,675        40,658        26,056
    Foreign exchange
     loss                   2,736         1,271         4,298         1,473
    Net loss on
     financial
     instruments              372           929           247           923
    Financing costs        11,026         3,497        24,104        13,727
    Net gain on deemed
     disposal of
     investment in
     the Fund                 948             -       (15,130)            -
    Gain on sale of
     subsidiary                 -             -          (774)            -
    Gain on dilution            -       (13,865)            -       (13,865)
    -------------------------------------------------------------------------
                           31,228        (1,493)       53,403        28,314
    -------------------------------------------------------------------------

    Earnings (loss)
     before income
     taxes and non-
     controlling
     interests               (987)       13,478        10,563        29,011
    Income taxes
     (recovery)            (1,923)       (1,280)      (12,738)        4,470
    -------------------------------------------------------------------------
    Net earnings
     including non-
     controlling
     interests                936        14,758        23,301        24,541
    Non-controlling
     interests               (478)          (46)         (201)         (102)
    -------------------------------------------------------------------------
    Net earnings
     attributable to
     shareholders             458        14,712        23,100        24,439
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings per
     Class A share
     (basic and diluted)     0.01          0.39          0.61          0.65
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average
     number of
     Class A shares
     outstanding
     (basic)           37,744,869    37,740,921    37,741,916    37,740,921
    Weighted average
     number of
     Class A shares
     outstanding
     (diluted)         37,843,347    37,865,365    37,860,092    37,836,411
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statements of Retained Earnings

                                                                    For the
                                                       twelve-month periods
                                                          ended December 31,
    (in thousands of dollars) (unaudited)                2010          2009
    -------------------------------------------------------------------------

    Balance - beginning of year                       159,900       135,461
    Net earnings for the year                          23,100        24,439
    Excess of purchase price paid for
     acquisition of non-controlling interests          (1,725)            -
    Excess of proceeds from partial sale of a
     subsidiary                                         3,415             -
    -------------------------------------------------------------------------
    Balance - end of year                             184,690       159,900
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Comprehensive Income (Loss)

                                        For the                     For the
                            three-month periods        twelve-month periods
    (in thousands of          ended December 31,          ended December 31,
     dollars) (unaudited)    2010          2009          2010          2009
    -------------------------------------------------------------------------

    Net earnings for
     the year including
     non-controlling
     interests                936        14,758        23,301        24,541
    -------------------------------------------------------------------------

    Other comprehensive
     income (loss)
      Translation
       adjustments
      Unrealized foreign
       exchange loss on
       translation of
       financial
       statements of
       self-sustaining
       foreign operations  (8,956)       (6,056)      (15,537)      (32,389)
      Reclassification
       to net earnings
       of a realized
       foreign exchange
       loss related to
       the reduction of
       net investment in
       self-sustaining
       foreign operations   1,973         1,141         3,604         1,076
      Share of cumulative
       translation
       adjustments of
       the Fund                 -          (101)            -        (2,174)
      Taxes                  (216)           33          (179)          581
      Cash flow hedges
      Change in fair value
       of financial
       instruments          2,821            39       (11,028)        7,140
      Hedging items
       realized and
       recognized in
       net earnings        (1,100)       (3,991)       (5,554)      (22,608)
      Hedging items
       realized and
       recognized in
       balance sheet          804          (271)        5,652        (3,884)
      Taxes                  (629)          651         3,829         4,383
      Loss on
       available-for-sale
       financial asset
      Unrealized loss on
       available-for-sale
       financial asset       (727)            -          (727)            -
    -------------------------------------------------------------------------
                           (6,030)       (8,555)      (19,940)      (47,875)
    -------------------------------------------------------------------------
    Comprehensive income
     (loss) for the
     year including
     non-controlling
     interests             (5,094)        6,203         3,361       (23,334)
    -------------------------------------------------------------------------
    Less: Earnings
     for the year
     attributable to
     non-controlling
     interest                (478)          (46)         (201)         (102)
    -------------------------------------------------------------------------
    Comprehensive income
     (loss) for the year
     attributable to
     shareholders          (5,572)        6,157         3,160       (23,436)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Cash Flows


                                        For the                     For the
                            three-month periods        twelve-month periods
    (in thousands of          ended December 31,          ended December 31,
     dollars) (unaudited)    2010          2009          2010          2009
    -------------------------------------------------------------------------

    Operating activities
    Net earnings              458        14,712        23,100        24,439
    Distributions
     received from
     the Fund                   -         2,409         4,475         9,638
    Adjustments for
     non-cash items
      Net loss on
       financial
       instruments            372           719           247         1,253
      Share in earnings
       of the Fund              -         5,088         3,251         2,090
      Amortization         16,146         6,675        40,658        26,056
      Amortization of
       financing costs       (250)          719         3,035         2,893
      Renewable energy
       tax credits            721        (3,165)        1,709        (7,113)
      Gain on sale of
       subsidiary               -             -          (774)            -
      Gain on deemed
       disposal of
       investment in
       the Fund                 -             -       (21,260)            -
      Gain on dilution          -       (16,315)            -       (16,315)
      Imputed interest
       on convertible
       debentures             325             -           411             -
      Future income
       taxes               (5,347)          (51)      (20,100)        3,002
      Others                  753           539         2,198         1,470
    -------------------------------------------------------------------------
                           13,178        11,330        36,950        47,413
    Change in non-cash
     working capital
     items                  5,998        13,259         5,417        13,373
    -------------------------------------------------------------------------
                           19,176        24,589        42,367        60,786
    -------------------------------------------------------------------------
    Investing activities
    Additions to
     property, plant
     and equipment        (49,171)      (24,399)     (186,993)      (84,532)
    Change in
     restricted cash       19,098             -       (15,924)            -
    Business acquisitions
      - The Fund          (32,421)            -       (71,232)            -
      - Others                  -       (47,283)       (2,142)      (53,758)
    Proceeds from sale
     of a subsidiary            -             -           878             -
    Change in reserve
     funds                      -           150           883        (1,091)
    Development projects   (1,316)       (3,357)       (2,046)      (10,337)
    Purchase of
     non-controlling
     interest                   -             -        (1,751)         (968)
    Others                    530           671         2,736        (6,366)
    -------------------------------------------------------------------------
                          (63,280)      (74,218)     (275,591)     (157,052)
    -------------------------------------------------------------------------
    Financing activities
    Increase (decrease)
     in bank loans
     and advances             195          (925)      (12,096)       12,291
    Increase in
     long-term debt         3,780        35,158       267,051        68,714
    Payments on
     long-term debt        (6,650)       (6,788)      (74,407)      (27,539)
    Net issuance of
     convertible
     debentures                 -             -       103,945             -
    Net proceeds from
     share issuance           132             -           132             -
    Distributions paid
     to unitholders        (1,565)            -        (1,565)            -
    Increase in
     non-controlling
     interests                  -        23,181         5,662        23,181
    -------------------------------------------------------------------------
                           (4,108)       50,626       288,722        76,647
    -------------------------------------------------------------------------
    Translation
     adjustment on
     cash and cash
     equivalents              130          (814)         (669)      (11,755)
    -------------------------------------------------------------------------
    Net change in
     cash and cash
     equivalents          (48,082)          183        54,829       (31,374)
    Cash and cash
     equivalents -
     beginning of year    140,732        37,638        37,821        69,195
    -------------------------------------------------------------------------

    Cash and cash
     equivalents -
     end of year           92,650        37,821        92,650        37,821
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    SUPPLEMENTAL INFORMATION
    Cash and cash
     equivalents paid for:
      Interest             10,325         2,526        24,022         9,130
      Income taxes            205             -         3,571         1,736
    -------------------------------------------------------------------------



    Segmented Information
    (tabular amounts in thousands of dollars, unless otherwise specified)
    (unaudited)
    >>

The Corporation's power stations are grouped into four distinct segments: wind power, hydroelectric power, wood-residue thermal power and natural gas thermal power, and are engaged mainly in power generation. The classification of these segments is based on the different cost structures relating to each of the four types of power stations.

The Corporation analyzes the performance of its operating segments based on the earnings before interest, taxes, depreciation and amortization ("EBITDA"). EBITDA is not a measure of performance under Canadian generally accepted accounting principles; however, management uses this performance measure to assess the operating performance of its segments. Earnings for each segment are presented on the same basis as those of the Corporation.

    <<
    The following table reconciles EBITDA with net earnings:

                                        For the                     For the
                            three-month periods        twelve-month periods
                              ended December 31,          ended December 31,
                             2010          2009          2010          2009
    -------------------------------------------------------------------------
    Net earnings
     attributable to
     shareholders             458        14,712        23,100        24,439
    Non-controlling
     interests                478            46           201           102
    Income taxes
     (recovery)            (1,923)       (1,280)      (12,738)        4,470
    Gain on dilution            -       (13,865)            -       (13,865)
    Gain on sale of
     subsidiary                 -             -          (774)            -
    Net gain on deemed
     disposal of
     investment in
     the Fund                 948             -       (15,130)            -
    Financing costs        11,026         3,497        24,104        13,727
    Net loss on
     financial
     instruments              372           929           247           923
    Foreign exchange
     loss                   2,736         1,271         4,298         1,473
    Amortization           16,146         6,675        40,658        26,056
    -------------------------------------------------------------------------
    EBITDA                 30,241        11,985        63,966        57,325
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Information by operating segment

                                        For the                     For the
                            three-month periods        twelve-month periods
                              ended December 31,          ended December 31,
                             2010          2009          2010          2009
    -------------------------------------------------------------------------
    PRODUCTION (MWh)
    Wind power stations   143,379        79,741       377,392       235,418
    Hydroelectric power
     stations             220,380        41,017       328,290       145,303
    Wood-residue thermal
     power stations       310,790       304,399     1,236,930     1,156,652
    Natural gas thermal
     power stations        71,712        14,859       102,172        37,501
    -------------------------------------------------------------------------
                          746,261       440,016     2,044,784     1,574,874
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    REVENUES FROM ENERGY
     SALES
    Wind power stations    17,479        10,974        45,924        33,872
    Hydroelectric power
     stations              18,060         2,948        26,221        10,329
    Wood-residue thermal
     power stations        24,173        27,031       105,357       123,391
    Natural gas thermal
     power stations        13,324         5,196        25,362        17,187
    -------------------------------------------------------------------------
                           73,036        46,149       202,864       184,779
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    EBITDA
    Wind power stations    14,103         9,085        36,263        26,789
    Hydroelectric power
     stations              14,401         1,743        18,929         5,538
    Wood-residue thermal
     power stations         1,904         9,359        23,491        39,995
    Natural gas thermal
     power stations         4,105           915         6,291         2,155
    Corporate and
     eliminations          (4,272)       (9,117)      (21,008)      (17,152)
    -------------------------------------------------------------------------
                           30,241        11,985        63,966        57,325
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ADDITIONS TO PROPERTY,
     PLANT AND EQUIPMENT
    Wind power stations    41,625        22,884       175,217        76,761
    Hydroelectric power
     stations                 104           153         2,354         1,184
    Wood-residue thermal
     power stations         2,599           670         4,990         4,851
    Natural gas thermal
     power stations          (189)            -          (179)           28
    Corporate               5,032           692         4,611         1,708
    -------------------------------------------------------------------------
                           49,171        24,399       186,993        84,532
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                        As at         As at
                                                  December 31,  December 31,
                                                         2010          2009
    -------------------------------------------------------------------------
    TOTAL ASSETS
    Wind power stations                               538,604       363,644
    Hydroelectric power stations                      264,481        34,622
    Wood-residue thermal power stations               213,842       138,014
    Natural gas thermal power stations                 40,561        13,600
    Corporate                                         175,271       113,887
    -------------------------------------------------------------------------
                                                    1,232,759       663,767
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    PROPERTY, PLANT AND EQUIPMENT
    Wind power stations                               420,675       288,225
    Hydroelectric power stations                      198,331        25,758
    Wood-residue thermal power stations               159,629        84,660
    Natural gas thermal power stations                 20,834         7,150
    Corporate                                          11,231         7,746
    -------------------------------------------------------------------------
                                                      810,700       413,539
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Information by geographic segment

                                        For the                     For the
                            three-month periods        twelve-month periods
                              ended December 31,          ended December 31,
                             2010          2009          2010          2009
    -------------------------------------------------------------------------
    PRODUCTION (MWh)
    United States         396,780       336,223     1,393,618     1,274,837
    France                107,628        88,972       295,141       267,291
    Canada                241,853        14,821       356,025        32,746
    -------------------------------------------------------------------------
                          746,261       440,016     2,044,784     1,574,874
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    REVENUES FROM ENERGY
     SALES
    United States          30,969        28,890       116,726       130,780
    France                 16,883        15,667        47,548        50,556
    Canada                 25,184         1,592        38,590         3,443
    -------------------------------------------------------------------------
                           73,036        46,149       202,864       184,779
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    EBITDA
    United States          11,328         9,891        34,970        43,043
    France                  9,237         8,202        23,389        24,364
    Canada                  9,676        (6,108)        5,607       (10,082)
    -------------------------------------------------------------------------
                           30,241        11,985        63,966        57,325
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ADDITIONS TO PROPERTY,
     PLANT AND EQUIPMENT
    United States             656           664         3,775         4,735
    France                 13,684         7,564        76,141        10,710
    Canada                 34,831        16,171       107,077        69,087
    -------------------------------------------------------------------------
                           49,171        24,399       186,993        84,532
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

                                                        As at         As at
                                                  December 31,  December 31,
                                                         2010          2009
    -------------------------------------------------------------------------
    TOTAL ASSETS

    United States                                     284,926       179,494
    France                                            310,161       254,142
    Canada                                            637,672       230,131
    -------------------------------------------------------------------------
                                                    1,232,759       663,767
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    PROPERTY, PLANT AND EQUIPMENT
    United States                                     174,054        89,889
    France                                            224,647       190,797
    Canada                                            411,999       132,853
    -------------------------------------------------------------------------
                                                      810,700       413,539
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    >>

SOURCE BORALEX INC.

For further information: Patricia Lemaire, Director, Public Affairs and Communications, Boralex Inc., 514-985-1353, patricia.lemaire@boralex.com

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