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Press release from CNW Group

Boralex Announces Closing of Convertible Debenture Financing Over-Allotment Option

Wednesday, September 29, 2010

Boralex Announces Closing of Convertible Debenture Financing Over-Allotment Option09:26 EDT Wednesday, September 29, 2010MONTREAL, Sept. 29 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") is pleased to announce the successful closing of an additional $14,250,000 aggregate principal amount of 6.75% convertible unsecured subordinated debentures (the "Debentures") due to the exercise of the over-allotment option, in its entirety, on the previously issued $95,000,000 million aggregate principal amount of Debentures which closed on September 15, 2010. The Debentures were offered to the public through a syndicate of underwriters led by TD Securities Inc., which included CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Desjardins Securities Inc., GMP Securities L.P., Macquarie Capital Markets Canada Ltd. and Cormark Securities Inc.Boralex intends to use the net proceeds of the offering to fund the payment of the cash component consideration of its offer to purchase all of the issued and outstanding trust units of Boralex Power Income Fund and for general corporate purposes.The Debentures have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement of such Act. This news release is not an offer of securities for sale in the United States.About BoralexBoralex 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 Northeastern 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. More information is available at www.boralex.com or www.sedar.com.For further information: Ms. Patricia Lemaire, Director, Publics Affairs and Communications, Boralex Inc., 514-985-1353, patricia.lemaire@boralex.com