Boralex obtains the requisite majority to acquire the Boralex Power Income
Fund and extends its offer

MONTREAL, Sept. 15 /CNW Telbec/ - Boralex Inc. ("Boralex") announces that as of 7:00 p.m. (ET) 26,428,340 trust units (the "Units") of Boralex Power Income Fund (the "Fund") have been deposited pursuant to the previously announced offer to acquire the Fund by Boralex, as amended on July 12, 2010 and August 25, 2010 (the "Offer").

Boralex has taken-up all of the deposited Units which, together with the 13,767,990 units held by Boralex, represent approximately 68% of the outstanding Units. Accordingly, the minimum tender conditions set out in the Offer have now been satisfied.

Upon completion of the subsequent acquisition transaction, Boralex will hold a total of 38 energy producing sites in Canada, the United States and France for a combined total of 600 MW of renewable energy. "The acquisition of the Fund will foster continued growth for Boralex in the years to come. After having acted as the operator of the Fund's stations for over eight years, we are very pleased to fully integrate them in our high-quality portfolio of energy producing assets", stated Mr. Patrick Lemaire, President and CEO of Boralex.

Boralex will use the net proceeds from the debentures issued under the public offering of $95,000,000 principal amount of extendible convertible unsecured subordinated debentures (the "Debentures") to fund the cash component consideration of the Offer. The Debentures were listed for trading today on the TSX under the symbol BLX.DB. The trading volume for the first day was in excess of $12.4 million in value and the Debentures closed at a price of $100.75 per $100 principal amount of Debentures. The terms of the Debentures are identical to the terms of the convertible debentures to be issued in connection with the Offer.

Since the take-up of Units under the Offer took place prior to 5:00 p.m. (ET) on December 31, 2010, the maturity date for the Debentures has automatically been extended from December 31, 2010 to June 30, 2017.

As all of the terms and conditions of the Offer have been complied with, the Offer is now wholly unconditional. In order to allow for the remaining Units to be deposited to the Offer, Boralex has extended its Offer to purchase the balance of the Units until 7:00 p.m. (ET) on September 28, 2010. Boralex intends to mail a formal notice of extension with respect to the Offer shortly. This notice of extension will also be available on the SEDAR website at www.sedar.com and on the EDGAR website at www.sec.gov.

Unitholders are encouraged to deposit their remaining Units to the Offer as soon as possible to receive prompt payment.

For assistance in depositing Units to the Offer, Unitholders are encouraged to contact Georgeson Canada at 1-866-656-4104 (North American Toll Free Number).

About Boralex

Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 28 power stations with a total installed capacity of 410 megawatts ("MW") in Canada, in the North-eastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add close to 300 MW of power, of which almost 100 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex also holds a 23% interest in Boralex Power Income Fund, which has 10 power stations with a total installed capacity of 190 MW in Québec and the United States. These sites are managed by Boralex. Boralex shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbol BLX.

Reader Advisory

Certain statements in this press release and the notice extension are forward looking statements and are prospective in nature. Forward looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward looking statements. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "except", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue" or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from the Offeror's expectations include, among other things, general business and economic conditions and competition within those markets in which the Fund serves as well as specific risks relating to the Fund, such as risks relating to the industries in which the Fund is active generally, conflict policies and general economic conditions and other risks identified in the Fund's public filings. Such forward-looking statements should, therefore, be construed in light of such factors and the Offeror is under no obligation and expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. The Offeror has filed the notice of extension with the SEC and with Canadian securities regulators. The Fund's unitholders are strongly encouraged to read these and other documents filed with the SEC or Canadian securities regulators in their entirety when they become available, as they will contain certain important information. The Fund's unitholders will be able to obtain all documents filed by the Fund or the Offeror with the SEC and Canadian securities regulators related to the tender offer for no charge at the SEC's website at www.sec.gov or at www.sedar.com.

For further information: Ms. Patricia Lemaire, Director, Publics Affairs and Communications, Boralex Inc., 514-985-1353, [email protected]