MONTREAL, Nov. 7, 2011 /PRNewswire/ – Boralex Inc. (“Boralex” or the
“Corporation”) has signed a binding agreement to sell its U.S.
wood-residue power stations with a total installed capacity of 186 MW
to ReEnergy Holdings LLC for approximately US$93 million (subject to
customary working capital closing adjustments), or after-tax proceeds
of about US$81 million.

“We have entered into this agreement after considerable reflection by
Boralex’s management and Board of Directors about our strategy. We have
concluded that, at this stage in our development, this transaction
provides Boralex with the best opportunity to pursue its growth
objectives in the other areas of the renewable energy market,” said
Patrick Lemaire, President and Chief Executive Officer.

Mr. Lemaire added that “this transaction is in the best interests of our
shareholders, both in terms of creating value and building a foundation
for the Corporation’s growth over the next several years. Furthermore,
we are pleased that ReEnergy Holdings, a company that is focused on the
U.S. biomass renewable energy sector, will be the new owner of our U.S.
biomass facilities. Based on their experience in the industry, we are
confident that they will continue our tradition of protecting the
environment and maintaining positive relationships with our business
partners and the communities in which our facilities are located.”

Boralex plans to invest the proceeds in new renewable energy projects
with long-term contracts in Canada and Europe, primarily in the wind,
hydroelectric and solar segments. Upon closing of the transaction, 96%
of the Corporation’s assets, with total installed capacity of more than
500 MW, will have such long-term contracts.

Under the terms of the transaction, Boralex will be entitled to continue
to benefit from the sale of Renewable Energy Certificates (“RECs”)
relating to the power stations, receiving a 50% share on the amounts
received from the sale of RECs for the vintage years 2012, 2013 and
2014 which are in excess of a defined threshold price.

The sale is expected to close by the end of the year. The transaction is
subject to customary closing conditions, including approval by U.S.
regulators and final confirmatory due diligence. Closing is not subject
to financing.

Boralex’s legal counsel in this transaction is K&L Gates LLP and its
financial advisor is Cormark Securities Inc.

Conference call

Financial analysts are invited to attend a conference call during which
details will be provided about this announcement.

Media and other individuals interested in this announcement are invited
to listen to the conference and view a presentation which will be
broadcast live or deferred on the Boralex corporate website at
www.boralex.com. A full replay will also be available by dialling toll
free at 1 877-289-8525 until November 10, 2011. The access code is
4486001, followed by the pound sign (#).

About Boralex
Boralex is a power producer whose core business dedicated to the
development and the operation of renewable energy power stations.
Currently, the Corporation operates an asset base with an installed
capacity of more than 700 MW in Canada, the Northeastern United States
and France. Boralex is also committed under power development projects,
both independently and with European and Canadian partners, to add
approximately 400 MW of power. With nearly 350 employees, Boralex is
known for its diversified expertise and in-depth experience in four
power generation types — wind, hydroelectric, thermal and more
recently, solar. Boralex’s shares and convertible debentures are listed on the Toronto
Stock Exchange under the ticker symbols BLX and BLX.DB, respectively.
More information is available at www.boralex.com or www.sedar.com.

SOURCE BORALEX INC.