Boralex Inc. : Boralex releases 2013 first-quarter results

Montréal, Québec, May 8, 2013 - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) maintained its earnings before interest, income taxes and amortization ("EBITDA") during the first quarter of 2013, while improving its profit margin due to the higher weight of the wind power segment.

*Attributable to shareholders of Boralex for continuing operations

The 2013 first-quarter results confirmed the dominant and strategic role of the wind and hydroelectric power segments as Boralex's main performance drivers. Wind power segment output, revenues and EBITDA grew by 10.8%, 14.3% and 17.1%, respectively, over the same quarter of 2012. With a profit margin on the order of 84%, the wind power segment had a 55% share of aggregate EBITDA before the corporate segment.
This strategy has proven beneficial, as the contribution from the St-Patrick wind farm almost completely offset the decline in production resulting primarily from the shutdown of operations at the Kingsey Falls thermal power station.
"In line with its development strategy, Boralex is building on the strengths of its wind and hydroelectric power segments to continue generating growth in Canada and France. In light of its available financial resources, including $122 million in cash, Boralex has the means to fund the equity portion of wind power projects totalling approximately 100 MW in additional capacity on top of the projects currently being developed," said President and CEO Patrick Lemaire. "Boralex's objectives are to achieve an installed capacity of approximately 1,000 MW and double its annual EBITDA to exceed $200 million by the end of 2016," added Mr. Lemaire.
Building on 286 MW of wind power assets currently in operation, Boralex will add
528 MW under long-term power sales contracts in the coming years, of which the Corporation's net interest amounts to 334 MW. In France, there are 88 MW in projects currently being developed with commissioning set between late 2013 and summer 2014. In Canada, 246 MW will be commissioned between Q4 2013 and Q4 2015, including Phase 1 of the Seigneurie de Beaupré Wind Farms, one of Canada's largest wind power sites, to be commissioned in December 2013. Incidentally, construction work at the site is on schedule and on budget.
However, in the hydroelectric power segment, despite a slight drop in production output owing in particular to less favourable water conditions in the Northeastern United States than in 2012, Boralex posts increases in revenues and EBITDA of 0.9% and 6.0%, respectively, in addition to generating a solid EBITDA margin of 80.0%. The decline in production in this segment, relative to their historical averages, was almost completely offset by a favourable price effect experienced in the NYSIO open market by the four U.S. power stations not covered by power sales contracts.
On the hydroelectric development front, construction is proceeding according to plan at the Jamie Creek power station in British Colombia, Canada, with commissioning set for
2014. The Corporation's growth outlook for this segment in Ontario and British Columbia remains good.
Excluding the Kingsey Falls power station's shutdown, the thermal power segment recorded increases in production and EBITDA of 18% and $1.2 million, respectively, fuelled by improved performance at the Senneterre power station in Canada.

About Boralex

Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of almost 500 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add approximately

550 MW of power that will be put in service by the end of 2015. With more than

200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types - wind, hydroelectric, thermal and 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.comor www.sedar.com .

Certain statements contained in this press release, including those 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 general impact of economic conditions, raw material availability and price increases, currency fluctuations, volatility in the selling price of electricity, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting its industry, as well as other factors listed in the Corporation's filings with different securities commissions.

There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.

The summarized financial statements included in this press release also contain certain non-IFRS financial measures. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA, cash flows from operations, and adjusted net earnings as performance measures, as defined in the accompanying unaudited interim condensed consolidated financial statements. These non-IFRS measures have no standardized meaning under IFRS. As a result, these measures may not be comparable to similarly named measures used by other companies.

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Media

Patricia Lemaire

Director, Public Affairs and Communications

Boralex lnc.

514-985-1353

patricia.lemaire@boralex. com

lnvestors

Mare Jasmin

Director, lnvestor Relations

Boralex lnc.

514-284-9868

marc.jasmin@boralex.com

Consolidated Financial Statements

Consolidated Statements of Financial Position

Consolidated Statements of Earnings

(in thousands of Canadian dollars, except per share amounts) (unaudited)

Three-month periods ended March 31

Consolidated Statements of Comprehensive Income

(in thousands of Canadian dollars) (unaudited)

Three-month periods ended March 31

Consolidated Statements of Changes in Equity

Three-month period ended March 31

2013

Equity component of

Equity attributable to shareholders

Other

Three-month period ended March 31

2012

Non-

(in thousands of Canadian dollars) (unaudited)

Capital

stock

convertible

debentures

Contributed

surplus

Retained

earnings

comprehensive

income (loss) Total

controlling

shareholders

Total

equity

BALANCE AS AT JANUARY 1, 2012 222,758 14,379 6,106 144,501 (65,980) 321,764 7,114 328,878

Net earnings - - - 7,149 - 7,149 112 7,261

Other comprehensive income (loss) - - - - 6,451 6,451 (24) 6,427

COMPREHENSIVE INCOME - - - 7,149 6,451 13,600 88 13,688

Conversion of convertible debentures 5 - - - - 5 - 5

Stock option expense - - 50 - - 50 - 50

Contribution of non-controlling

shareholders - - - - - - 92 92

BALANCE AS AT MARCH 31, 2012 222,763 14,379 6,156 151,650 (59,529) 335,419 7,294 342,713

Consolidated Statements of Cash Flows

(in thousands of Canadian dollars) (unaudited)

Three-month periods ended March 31

Segmented Information

The Corporation's power stations are grouped into four distinct operating segments-wind, hydroelectric, thermal and solar power. The Corporation operates under one reportable segment: power generation. The classification of these segments is based on the different cost structures relating to each of the four types of power stations. The same accounting rules are used for segmented information as for the consolidated accounts.

The operating segments are presented according to the same criteria used to prepare the internal report submitted to the segment leader who allocates resources and assesses operating segment performance. The President and Chief Executive Officer is considered the segment leader, who assesses segment performance based on production of electricity, revenues from energy sales and EBITDA.

EBITDA does not have a standardized meaning under IFRS; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS measures.

EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings attributable to shareholders of Boralex, in the following table:

(in thousands of Canadian dollars) (unaudited)

Three-month periods ended March 31

Cash flows from operations are equal to net cash flows related to operating activities before change in non-cash items related to operating activities. Management uses this measure to assess cash flows generated by the Corporation's operations and its capacity to finance its expansion through those funds. In light of the seasonal nature of the Corporation's operations and development activities, changes in non- cash items can vary considerably. In addition, development activities result in significant changes in Trade and other payables during the construction period, as well as an initial injection of working capital at project start-up. Accordingly, the Corporation considers it more representative not to integrate changes in non-cash items in this performance measure.

Investors should not consider cash flows from operations as an alternative measure to cash flows related to operating activities, which is an IFRS measure.

Cash flows from operations are reconciled to the most comparable IFRS measure, namely, net cash flows related to operating activities, in the following table:

(in thousands of Canadian dollars) (unaudited)

Three-month periods ended March 31

The following table reconciles net earnings attributable to shareholders of Boralex as reported in the financial statements with adjusted net earnings:

(in thousands of Canadian dollars) (unaudited)

Three-month periods ended March 31

* Net of income taxes

Three-month periods ended March 31

Three-month periods ended March 31

(in thousands of Canadian dollars) (unaudited) 2013 2012 2013 2012

Power production (MWh) Revenues from energy sales

Wind power stations Hydroelectric power stations Thermal power stations

Solar power station

(in thousands of Canadian dollars) (unaudited)

Three-month periods ended March 31

Three-month periods ended March 31

Canada United States France

Power production (MWh) Revenues from energy sales

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