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Press release from CNW Group

Boralex Proceeds with the Acquisition of all of Units of Boralex Power Income Fund

Monday, November 01, 2010

Boralex Proceeds with the Acquisition of all of Units of Boralex Power Income Fund08:30 EDT Monday, November 01, 2010MONTREAL, Nov. 1 /CNW Telbec/ - Boralex Inc. (" Boralex " or the "Corporation"), through its indirect wholly-owned subsidiary, 7596740 Canada Inc., and Boralex Power Income Fund (the "Fund") have executed the combination agreement which had been approved at the special meeting of unitholders of the Fund held on October 21, 2010. This morning, Boralex has proceeded with the payment for all units of the Fund which remained outstanding at the effective time of the combination. Following the decision dated October 28, 2010 rendered by the Superior Court which rejected the motion for the issue of a safe guard order initiated by O'Leary Funds Management LP to block any action affecting its units of the Fund, Boralex has proceeded with the acquisition of the remaining units of the Fund. Boralex intends to complete the privatization of the Fund by applying to have the Fund's status as a reporting issuer revoked and to have the units de-listed from the Toronto Stock Exchange. "The integration of the Fund's assets with those of Boralex represents an important step in Boralex's development and in attaining its objective of growing to 1,000 MW", stated Patrick Lemaire, the President and CEO of Boralex. 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 41 power stations with a total installed capacity of 650 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 50 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 shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbol BLX. More information is available at or further information: Ms. Patricia Lemaire Director, Publics Affairs and Communications Boralex Inc. 514-985-1353