Wind Energy

Boralex Completes Financing for Cham Longe II Wind Farm in France

The financing is covered under the master agreement signed in June 2007, from which an amount of about $8.7 million (euro 5.5 million) will be drawn once certain conditions relative to the borrowing are met within the next few days. Note that this financing covers more than 82% of the total investment and guarantees that Boralex will have access to funds for a 15-year period at an average rate of 5%. Construction is already underway at the site and commercial operation is scheduled to start in November 2009.

Note that Boralex acquired 51% of the shares of Boralex Cham Longe II S.A.S, which owns the rights to build and operate this wind farm. Furthermore, Boralex plans to exercise a purchase option on non-controlling interests in 2010.

The wind farm will have two Enercon turbines of 2.3 MW each. All of the power produced will be sold to Electricite de France under a 15-year contract. The land leases are for an initial period of 30 years and are renewable at the Corporation’s request for an additional 30 years.

"To date, Boralex still has financing capacity of close to 145 million euros for wind farm projects in France until December 31, 2010. Boralex is pursuing its growth strategy in France by acquiring excellent sites," said Patrick Lemaire, President and Chief Executive Officer of Boralex.

About Boralex

Boralex is a major private electricity producer whose core business is the development and operation of power stations that generate renewable energy.

Employing over 300 people, the Corporation owns and operates 22 power stations with a total installed capacity of 365 MW in Canada, in the Northeastern United States and in France. In addition, the Corporation has more than 300 MW of power projects under development. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments – wind, hydroelectric and thermal. Boralex shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

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 Quebec and the United States. These sites are managed by Boralex.

Key features of Boralex’s approach to wind power:

* Boralex is still one of the most experienced operators in the wind energy production, field where it has been evolving for more than seven years in France and more recently in Canada.
* Boralex places first and foremost the dialogue and collaboration with the communities which welcome its wind sites.
* Boralex is constantly looking for the optimization of its operations and wind sites.

Our operating facilities:

* Ally-Mercoeur
* Avignonet-Lauragais
* Cham de Cham Longe
* Chépy
* La Citadelle
* Nibas
* Plouguin

Our sites in development:

* Thames River
* Seigneurie de Beaupré
* Merlin-Buxton

Our future projects

Operating seven wind sites for a total installed capacity of 108 MW, Boralex intends in the coming years to use its know-how acquired in France to develop the Canadian wind power market pursue its growth in Europe and increase its installed capacity in this field to 500 MW.

In Canada, phase I of 40 MW of Thames River wind site will be put into service during summer and fall of 2009.

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