About Boralex Power Income Fund

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns ten power generating stations located in the province of Quebec and the United States producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 190 MW. The Fund's units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

SOURCE BORALEX POWER INCOME FUND

For the three months ended September 30, 2008, revenue from energy sales totalled $48.8 million, up 42.3% over the same period in 2007. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to $16.8 million in the third quarter compared to $9.9 million for the same quarter a year earlier. Boralex's revenues were all positively affected by higher REC sales, higher production volume in the wood residue and hydroelectric segments and higher energy selling prices. The Corporation closed the third quarter of 2008 with net earnings of $5.7 million ($0.15 per share), compared to $1.0 million ($0.03 per share) in 2007. The strong operating results have translated into cash assets. Cash flows from operations rose 58% to $13.9 million in the third quarter of 2008 compared to $8.8 million a year earlier. This clearly demonstrates the quality of the Corporation's assets and its solid financial position.

Patrick Lemaire, President and Chief Executive Officer, is pleased with this growth: "The diverse nature of Boralex's assets and its aggressive position in the wood-residue market, particularly with respect to RECs, proves once again that we have made the right strategic decisions which have led to these strong results."

In the wind power segment, wind conditions were less favourable in the third quarter of 2008. However, lower power generation was partly offset by the start-up of new wind farms, the rise in the euro, the sale of green certificates and price indexing. This segment thus recorded revenue of $5.9 million, slightly down from $6.0 million in 2007. EBITDA amounted to $4.4 million for the three months ended September 30, down $0.5 million compared to the same period in 2007.

The hydroelectric segment posted revenue of $1.9 million in the third quarter of 2008, close to three times the amount reported in the same quarter of 2007. With substantially better hydrology compared to 2007, production volume rose by 147.2% and EBITDA by $1.3 million, to $0.8 million in the third quarter of 2008.

Strengthened by increased participation in the Connecticut REC market, to which three of its wood-residue power stations now contribute, versus just one in 2007, the wood-residue segment recorded revenue of $37.9 million in the third quarter of 2008, up 47.5% over the same period in 2007. This segment's good performance also stems from higher production volume, mainly because the Stacyville power station is now operating again. EBITDA rose to $13.6 million in the third quarter of 2008 versus $7.5 million in 2007. Moreover, the natural gas cogeneration power station reported revenue of $3.2 million in the third quarter of 2008, up $1.3 million compared to the same period in 2007, with a negative EBITDA of $0.2 million, similar to that of a year earlier.

Mr. Lemaire stressed that: "Boralex is naturally concerned about the world economic slowdown, but we believe that the current financial crisis may also have some advantages and could lead to business opportunities for Boralex, which has always distinguished itself as an operator. The cash balance at the end of the third quarter amounted nearly $60 million, and thus reflects the capacity of Boralex to pursue its development."

Also, in early October, the Corporation started building four sites (10 MW each) in Ontario. These sites, fitted with Enercon turbines, should start generating power by the end of the second quarter of 2009. On October 28, 2008, in response to the Ontario RES III Request for Proposals, Boralex submitted the Merlin-Buxton wind power project with an installed capacity of 90 MW, slated for start-up in 2012. The results of the RFP should be released in the first quarter of 2009.

About Boralex

Boralex is a major private electricity producer whose core business is the development and operation of power stations that run on renewable energy. Employing close to 300 people, the Corporation owns and operates 21 power stations with a combined installed capacity MW of 351 MW in Quebec, the northeastern United States and France. The Corporation also has 228 MW of contracted capacity for future production sites. Boralex is distinguished by its leading expertise and long experience in three types of power generation - wind, hydroelectric and thermal. The Boralex shares trade on the Toronto stock exchange under the ticker symbol BLX. www.boralex.com

In addition, Boralex holds a 23% interest in Boralex Power Income Fund which owns 10 power stations in Quebec and the United States with an installed capacity of close to 190 MW. Management of the Fund's assets is provided by Boralex.

Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreased demand for Boralex's products, increases in raw material costs, fluctuations in currency exchange rates, fluctuations in sales prices and adverse changes in general market and industry conditions. The summarized financial statements included in this press release also contain certain financial measurements that are not recognized as Generally Accepted Accounting Principles (GAAP).

To assess the operating performance of its assets and reporting segments, the Corporation uses Earnings before interest, taxes, depreciation and amortization (EBITDA) and Cash flows from operations as performance measurements. EBITDA and Cash flows from operations are not defined under GAAP and do not have a standardized meaning prescribed by GAAP. Therefore, these measures may not be comparable to similar measures presented by other enterprises. EBITDA is defined in the summarized financial statements included with this press release. Cash flows from operations corresponds to cash flow from operating activities before changes in non-cash working capital balances as disclosed in the consolidated statements of cash flows attached in this press release.

Notice to shareholders

These interim financial statements as at September 30, 2008 and 2007 have not been reviewed by our auditors PricewaterhouseCoopers LLP. These financial statements are the responsibility of the management of Boralex Inc. They have been reviewed and approved by its Board of Directors, as recommended by its Audit Committee.

The following financial informations were extracted from the interim consolidated financial statements of Boralex Inc.The complete interim financial statements were prepared conformingly with the Canadian generally accepted accounting principles (GAAP). They are available on the Boralex's website (www.boralex.com) and filed with SEDAR.

    Consolidated Balance Sheets

                                                       AS AT         AS AT
                                                SEPTEMBER 30,  DECEMBER 31,
    (in thousands of dollars) (unaudited)               2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    ASSETS
    CURRENT ASSETS
    Cash and cash equivalents                         58,711        79,195
    Accounts receivable                               42,658        39,200
    Future income taxes                                  850         2,394
    Inventories                                        8,491         8,002
    Prepaid expenses                                   2,852         2,171
    -------------------------------------------------------------------------
                                                     113,562       130,962

    Investment                                        66,722        67,321
    Property, plant and equipment                    287,149       258,712
    Power sales contracts                             23,917        18,527
    Other assets                                      56,928        39,209
    -------------------------------------------------------------------------
                                                     548,278       514,731
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES
    CURRENT LIABILITIES
    Bank loans and advances                              448             -
    Accounts payable and accrued liabilities          18,952        20,869
    Income taxes                                       1,215         1,481
    Current portion of long-term debt                 25,761        26,786
    -------------------------------------------------------------------------
                                                      46,376        49,136

    Long-term debt                                   139,554       148,747
    Future income taxes                               34,186        23,430
    Fair value of derivative financial instruments       256         1,400
    Other liabilities                                  5,406         6,642
    Non-controlling interests                            729           607
    -------------------------------------------------------------------------
                                                     226,507       229,962

    SHAREHOLDERS' EQUITY
    Capital stock                                    223,160       221,557
    Contributed surplus                                2,746         1,974
    Retained earnings                                131,600       115,669
    Accumulated other comprehensive loss             (35,735)      (54,431)
    -------------------------------------------------------------------------
                                                     321,771       284,769
    -------------------------------------------------------------------------
                                                     548,278       514,731
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Earnings

    (in thousands of dollars,          FOR THE                 FOR THE
     except per-share amounts    THREE-MONTH PERIODS     NINE-MONTH PERIODS
     and number of shares)       ENDED SEPTEMBER 30,     ENDED SEPTEMBER 30,
    (unaudited)                   2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Revenues from energy
     sales                      48,811      34,276     142,931     117,431
    Renewable energy tax
     credits                     3,532       3,134       9,063       9,533
    Operating costs             34,079      25,463      96,644      82,792
    -------------------------------------------------------------------------
                                18,264      11,947      55,350      44,172

    Share of earnings
     of the Fund                 1,180         878       6,218       5,537
    Management revenues from
     the Fund                    1,349       1,427       4,042       4,208
    Other revenues                 514         110       1,159       1,668
    -------------------------------------------------------------------------
                                21,307      14,362      66,769      55,585
    -------------------------------------------------------------------------

    OTHER EXPENSES
    Management and
     operation of the
     Fund                        1,073       1,094       3,050       3,407
    Administrative
     expenses                    3,469       3,344      10,414       9,569
    -------------------------------------------------------------------------
                                 4,542       4,438      13,464      12,976
    -------------------------------------------------------------------------

    OPERATING INCOME
     BEFORE AMORTIZATION        16,765       9,924      53,305      42,609
    -------------------------------------------------------------------------

    Amortization                 6,377       5,895      18,221      16,143
    Foreign exchange loss
     (gain)                       (185)        296        (603)        604
    Financial instruments       (1,010)       (369)         94      (6,243)
    Financing costs              3,515       3,389       9,971      11,903
    -------------------------------------------------------------------------
                                 8,697       9,211      27,683      22,407
    -------------------------------------------------------------------------

    EARNINGS BEFORE
     INCOME TAXES                8,068         713      25,622      20,202

    Income tax expense
     (recovery)                  2,416        (146)      9,496       4,674
    -------------------------------------------------------------------------
                                 5,652         859      16,126      15,528

    Non-controlling
     interests                       5         158        (112)        104
    -------------------------------------------------------------------------

    NET EARNINGS                 5,657       1,017      16,014      15,632
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net earnings per
     Class A share - basic
     (in dollars)                 0.15        0.03        0.42        0.47
    Net earnings per
     Class A share - diluted
     (in dollars)                 0.15        0.03        0.42        0.46
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average
     number of Class A
     shares outstanding
     (basic)                38,247,112  37,454,625  37,739,288  33,374,658
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Retained Earnings

                                                   FOR THE NINE-MONTH PERIODS
                                                        ENDED SEPTEMBER 30,
    (in thousands of dollars) (unaudited)               2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Balance - beginning of period                    115,669        97,649
    Issuance costs, net of related taxes                   -        (3,407)
    Share redemption premium                             (83)            -
    Net earnings for the period                       16,014        15,632
    -------------------------------------------------------------------------
    Balance - end of period                          131,600       109,874
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Comprehensive Income

                                       FOR THE                 FOR THE
                                 THREE-MONTH PERIODS     NINE-MONTH PERIODS
    (in thousands of dollars)    ENDED SEPTEMBER 30,     ENDED SEPTEMBER 30,
    (unaudited)                   2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings for the period  5,657       1,017      16,014      15,632
    -------------------------------------------------------------------------

    Other comprehensive income
     (loss):
      TRANSLATION ADJUSTMENTS
        Unrealized translation
         gains (losses) on
         translation of
         financial statements
         of self-sustaining
         foreign operations      3,066      (9,087)     10,475     (23,912)
        Share of cumulative
         translation
         adjustments of the
         Fund                      699        (744)        868      (2,831)
        Taxes                     (224)        321        (228)      1,241
      CASH FLOW HEDGES
        Change in fair value
         of financial
         instruments            27,421        (847)     11,084       1,944
        Hedging instruments
         realized and
         recognized in net
         earnings                  (49)       (580)      1,170      (1,704)
        Hedging instruments
         realized and
         recognized in balance
         sheet                  (1,106)          -      (1,106)          -
        Termination of hedging
         relationships               -           -           -      (5,874)
        Taxes                   (8,405)        457      (3,567)      1,804
    -------------------------------------------------------------------------
                                21,402     (10,480)     18,696     (29,332)
    -------------------------------------------------------------------------

    Comprehensive income
     (loss) for the period      27,059      (9,463)     34,710     (13,700)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    Consolidated Statements of Cash Flows

                                       FOR THE                 FOR THE
                                 THREE-MONTH PERIODS     NINE-MONTH PERIODS
    (in thousands of dollars)    ENDED SEPTEMBER 30,     ENDED SEPTEMBER 30,
    (unaudited)                   2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    OPERATING ACTIVITIES
    Net earnings                 5,657       1,017      16,014      15,632
    Distributions received from
     the Fund                    2,410       3,097       7,917       9,293
    Adjustments for non-cash
     items
      Share of earnings of
       the Fund                 (1,180)       (878)     (6,218)     (5,537)
      Amortization               6,377       5,895      18,221      16,143
      Amortization of financing
       costs                       712         639       2,144       2,058
      Renewable energy tax
       credits                  (1,507)     (1,078)     (2,996)     (3,361)
      Future income taxes        2,108           1       8,075       5,958
      Financial instruments     (1,010)       (369)         94      (6,243)
      Other                        320         428         885       1,589
    -------------------------------------------------------------------------
                                13,887       8,752      44,136      35,532

    Change in non-cash working
     capital items             (10,820)     (2,707)     (7,396)     (6,496)
    -------------------------------------------------------------------------
                                 3,067       6,045      36,740      29,036
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Business acquisitions       (5,156)          -      (5,781)          -
    Additions to property,
     plant and equipment        (3,048)     (4,081)    (16,412)    (16,273)
    Change in debt servicing
     reserves                       26           1         (28)      6,216
    Development projects        (7,236)     (2,346)    (22,319)     (2,615)
    Other                          372         267      (1,197)     (2,681)
    -------------------------------------------------------------------------
                               (15,042)     (6,159)    (45,737)    (15,353)
    -------------------------------------------------------------------------

    FINANCING ACTIVITIES
    Net change in bank loans
     and advances                  448           -         448           -
    Increase in long-term debt       -           -           -     151,437
    Payments on long-term debt  (7,462)     (1,427)    (17,657)   (196,986)
    Financing costs                  -        (145)          -      (2,011)
    Net proceeds from share
     issuance                       11           -       1,716     105,307
    Share redemption              (194)          -        (194)          -
    Other                            3         (97)          5        (591)
    -------------------------------------------------------------------------
                                (7,194)     (1,669)    (15,682)     57,156
    -------------------------------------------------------------------------
    TRANSLATION ADJUSTMENTS
     ON CASH AND CASH
     EQUIVALENTS                   (23)       (826)      4,195      (2,854)
    -------------------------------------------------------------------------
    NET CHANGE IN CASH AND
     CASH EQUIVALENTS          (19,192)     (2,609)    (20,484)     67,985

    CASH AND CASH EQUIVALENTS -
     BEGINNING OF PERIOD        77,903      84,493      79,195      13,899
    -------------------------------------------------------------------------

    CASH AND CASH EQUIVALENTS -
     END OF PERIOD              58,711      81,884      58,711      81,884
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    SUPPLEMENTAL INFORMATION

    CASH AND CASH EQUIVALENTS
     PAID FOR:
      Interest                   2,413       3,113       7,273       9,116
      Income taxes                 373         398       1,321       1,006
    -------------------------------------------------------------------------

    Segmented information

    (tabular amounts in thousands of dollars, unless otherwise specified)
    (unaudited)

    The Corporation's power stations are grouped under four distinct
segments-wind power, hydroelectric power, wood-residue thermal power and
natural gas cogeneration power-and are engaged mainly in power generation. The
classification of these segments is based on the cost structures relating to
each type of power station.
    The Corporation analyzes the performance of its operating segments based
on their EBITDA, which is defined as earnings before interest, taxes,
depreciation and amortization. EBITDA is not a measure of performance under
Canadian generally accepted accounting principles. However, management uses
this measure to assess the operating performance of its segments. Earnings for
each segment are presented on the same basis as those of the Corporation.
    The following table reconciles EBITDA to net earnings :


                                       FOR THE                 FOR THE
                                 THREE-MONTH PERIODS     NINE-MONTH PERIODS
                                 ENDED SEPTEMBER 30,     ENDED SEPTEMBER 30,
                                  2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings                 5,657       1,017      16,014      15,632
    Non-controlling interests       (5)       (158)        112        (104)
    Income tax expense
     (recovery)                  2,416        (146)      9,496       4,674
    Financing costs              3,515       3,389       9,971      11,903
    Financial instruments       (1,010)       (369)         94      (6,243)
    Foreign exchange
     (gain) loss                  (185)        296        (603)        604
    Amortization                 6,377       5,895      18,221      16,143
    -------------------------------------------------------------------------

    EBITDA                      16,765       9,924      53,305      42,609
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    INFORMATION BY OPERATING SEGMENT

                                       FOR THE                 FOR THE
                                 THREE-MONTH PERIODS     NINE-MONTH PERIODS
                                 ENDED SEPTEMBER 30,     ENDED SEPTEMBER 30,
                                  2008        2007        2008        2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    PRODUCTION (in MWh)
    Wind power stations         40,665      47,413     163,818     148,118
    Hydroelectric power
     stations                   21,522       8,705      97,224      74,875
    Wood-residue thermal power
     stations                  354,560     318,323     937,694     915,206
    Natural gas thermal power
     station                         -           -      22,569      22,202
    -------------------------------------------------------------------------

                               416,747     374,441   1,221,305   1,160,401
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    REVENUES FROM ENERGY SALES
    Wind power stations          5,859       5,977      22,601      19,176
    Hydroelectric power
     stations                    1,920         677       8,909       6,615
    Wood-residue thermal power
     stations                   37,866      25,689      98,856      81,888
    Natural gas thermal power
     station                     3,165       1,933      12,564       9,752
    Corporate and eliminations       1           -           1           -
    -------------------------------------------------------------------------

                                48,811      34,276     142,931     117,431
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    EBITDA
    Wind power stations          4,361       4,883      17,982      15,805
    Hydroelectric power
     stations                      847        (489)      6,272       3,784
    Wood-residue thermal power
     stations                   13,558       7,452      31,424      22,378
    Natural gas thermal power
     station                      (157)       (225)        960       1,555
    Corporate and eliminations  (1,844)     (1,697)     (3,333)       (913)
    -------------------------------------------------------------------------

                                16,765       9,924      53,305      42,609
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    ADDITIONS TO PROPERTY,
     PLANT AND EQUIPMENT
    Wind power stations            155       2,330       5,260      12,858
    Hydroelectric power stations    48         688          56         817
    Wood-residue thermal power
     stations                      228       1,014       7,236       2,340
    Natural gas thermal power
     station                        53           -          69           2
    Corporate and eliminations   2,564          49       3,791         256
    -------------------------------------------------------------------------

                                 3,048       4,081      16,412      16,273
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                       AS AT         AS AT
                                                SEPTEMBER 30, DECEMBER, 31,
                                                        2008          2007
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    ASSETS
    Wind power stations                              209,758       196,814
    Hydroelectric power stations                      18,893        12,427
    Wood-residue thermal power stations              154,951       130,728
    Natural gas thermal power station                 14,469        16,132
    Corporate and eliminations                       150,207       158,630
    -------------------------------------------------------------------------

                                                     548,278       514,731
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

SOURCE BORALEX INC.

    Time and date:          Tuesday, November 4, 2008 at 10:00 a.m. ET

    Dial number:            514-807-8791 or 1 800-732-9307

Medias and other interested individuals are invited to listen to the conference and to look at a presentation which will be broadcast live or deferred on the Fund corporate website at www.boralex.com/trust/. A full replay will also be available by dialling 416-640-1917 or toll free at 1 877-289-8525 until November 11, 2008. The access code is 21285156, followed by pound sign (#).

The financial information will be released through a press release on November 4, 2008 at 7:00 a.m. and the Fund's website on the morning of November 4, 2008.

About Boralex Power Income Fund

Boralex Power Income Fund is an unincorporated open-ended trust that indirectly owns ten power generating stations located in the province of Quebec and the United States producing energy from different sources including wood-residue or natural gas-fired thermal and cogenerating facilities as well as hydroelectric power stations. In total, these power stations have an installed capacity of 190 MW. The Fund's units are listed for trading on The Toronto Stock Exchange under the symbol BPT.UN.

SOURCE BORALEX POWER INCOME FUND

About Boralex

Boralex is a major private electricity producer whose core business is the development and operation of power stations that run on renewable energy. Employing close to 300 people, the Corporation owns and operates 21 power stations with a combined installed capacity MW of 351 MW in Quebec, the northeastern United States and France. The Corporation also has 240 MW of contracted capacity for future production sites. Boralex is distinguished by its leading expertise and long experience in three types of power generation - wind, hydroelectric and thermal. The Boralex shares trade on the Toronto stock exchange under the ticker symbol BLX. www.boralex.com

In addition, Boralex holds a 23% interest in Boralex Power Income Fund which owns 10 power stations in Quebec and the United States with an installed capacity of close to 190 MW. Management of the Fund's assets is provided by Boralex.

SOURCE: BORALEX INC.

Ms. Patricia Lemaire, Director, Public Affairs and Communications, Boralex Inc.,
(514) 985-1353, patricia.lemaire@boralex.com