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Press release from CNW Group

Boralex pays for the remaining Units and completes the acquisition of Boralex Power Income fund

Tuesday, November 02, 2010

Boralex pays for the remaining Units and completes the acquisition of Boralex Power Income fund18:21 EDT Tuesday, November 02, 2010MONTREAL, Nov. 2 /CNW Telbec/ - Boralex Inc. ("Boralex" or the "Corporation") announces that it has completed the payment for all of the trust units.(the "Units") of Boralex Power Income Fund (the "Fund") which remained outstanding at the effective time of the combination announced on November 1, 2010 (the "Take-Up"). As a result, the Fund's securities, under the ticker symbol "BPT.UN", have been delisted from the Toronto Stock Exchange at the close of market today.Under the terms of the Take-Up, unitholders of the Fund (the "Unitholders") could elect to receive $5.00 dollars consideration per Unit in the form of (a) cash or (b) 6.75% convertible unsecured subordinated debentures of Boralex ("Convertible Debentures"), subject to proration in each case up to the maximum amount available.As a result of prorationing, Unitholders who chose the Cash Alternative (as defined in the Notice of Special Meeting of Unitholders dated September 28, 2010 (the "Notice")) will receive $4.79 in cash and approximately $0.21 of a Convertible Debenture per Unit and those who chose the Debenture Alternative (as defined in the Notice) will receive $5.00 of a Convertible Debenture per Unit. Unitholders who failed to make an election will receive $5.00 of a Convertible Debenture.Computershare Investor Services Inc. (the "Depositary") will remit cash and a sufficient number of Convertible Debentures to the Unitholders. The Depositary will act as the agent of persons who have made an election pursuant to the Notice for the purposes of receiving payment from Boralex and transmitting payment to such persons. Receipt of payment by the Depositary is deemed to constitute receipt of payment by persons who held Units.It may take several days before the cash and the Convertible Debentures are credited to individual accounts held by Unitholders. Under no circumstances will interest accrue or be paid by Boralex or the Depositary on the purchase price for Units purchased by Boralex to persons depositing Units.For more information on the Take-Up and payment of Units, Unitholders are encouraged to contact their individual brokers or Computershare Investor Services Inc. at 1-800-564-6253 (North American Toll Free Number).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 almost 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 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