Boralex : See our 2023 CSR Report

• 100% of electricity sales revenue came from renewable energy production.
• 1,021,496 tonnes of CO2 avoided through renewable energy production in 2023.
• Received approval from the French government to use IdentiFlight©1, a tool that effectively reduces the mortality rates of protected bird species on our wind farms.
• Targets are currently being determined and they will be published following approval by SBTi.

• 0.49 OHS TRIR (vs. 0.94 in 2022).
• Introduced a company-wide strategy to promote physical and mental well- being in the workplace.
• 33% female representation throughout the company.
• Launched the 2nd cohort of The A Effect, an initiative to boost female ambition, as well as the 2023 Leadership Path program.
• Launched a wind turbine maintenance training program for Innu communities as part of the future operation of the Apuiat wind farm.

• 3 CSR indicators included in corporate executive compensation.
• Code of Ethics training program completed by 99% of our employees and board members.
• 1 EcoVadis gold medal with 74/100.
• 50% female representation on the Board of Directors as of December
  31st 2023, and addition of a target for other diversity characteristics.
• Enhancement of the Board of Directors' mandate to include risk monitoring responsibilities, particularly in terms of climate.

United Nations (UN) Sustainable Development Goals (SDGs) to Which Boralex Contributes

By the very nature of our business, our mission and our CSR approach, we contribute to the advancement of 13 of the 17 SDGs:

3 Good Health and Well-Being12 Responsible Consumption and

11 Sustainable Cities and Communities

Throughout the report, we specify which SDGs are directly related to our various achievements and commitments.

We have also identified three SDGs to which we contribute indirectly or to a lesser degree: SDG 1 (No Poverty), SDG 2 (Zero Hunger) and SDG 6 (Clean Water and Sanitation). We have taken a thoughtful approach to SDG 10 (Reduced Inequalities) by having our in-house experts monitor our actions to ensure that they do not cause harm.

That said, and despite the fact that renewable energy generation contributes positively to the energy transition, and SDG 13 (Climate Action) and SDG 7 (Affordable and Clean Energy) in particular, we are aware that our activities have the potential to hamper achievement of the other SDGs. For this reason, we work with local partners to mitigate negative impacts as much as possible. Specifically, we do this by addressing our 10 CSR priorities, which we have identified through materiality analysis as the areas where we can have the biggest impact.

2 For the following industries: Electric Utilities & Power Generators, Wind Technology & Project Developers and Solar Technology & Project Developers

Scope of the CSR Report

This report covers the period from January 1 to December 31, 2023. The scope of the extra- financial disclosure is the same as that of our financial reporting and therefore encompasses the activities of Boralex Inc. and its subsidiaries in Canada, France, the United States and the United Kingdom, unless otherwise indicated.

Calculation of Tonnes of CO2 Emissions Avoided

The number of tonnes of CO2 emissions avoided (tCO2e) through renewable energy production is calculated using parameters established in-house based on criteria developed by a third party. We aggregate the combined annual production3 of each of our facilities and convert this total into tCO2e using location-dependent regional emission factors. By using the exact production at each site and

taking into account the energy context of each region (regional emission factor), we obtain a more accurate estimate of the number of tonnes of CO2 equivalent emissions avoided in a given reporting year. Regional emission factors are updated annually based on the most recent data provided by government agencies in Canada and the United States, as well as the International Energy Agency (IEA).

Internal Control

Data for this CSR report was collected from staff at all of Boralex's sites. Quality control was performed by the internal control team and the Executive Committee. We obtained limited assurance from external auditors for two indicators: CO2 emissions avoided through renewable energy production and the representation of women in management positions. These indicators are identified by the  symbol.

Currency

The financial information in this report is in Canadian dollars unless otherwise indicated.

Policies and Guidelines

The policies and guidelines listed for each CSR priority apply to the entire organization unless otherwise indicated.

Contact

If you have any questions or feedback about Boralex's CSR report, please reach out to our CSR team.

Boralex is a major player in renewable energies, specializing in four sectors of activity: wind, solar, hydroelectricity and storage. As both an energy producer and a site operator, we have a complete picture of the entire life cycle of our projects. Our growth is firmly rooted in our long-term vision. We are the first company in the renewable energy sector to attach equal importance to CSR and financial objectives in our strategic plan. This speaks volumes about the importance we place on these principles and our dedication to achieving our CSR objectives.

OUR ENERGY MIX

Integrating CSR into Our Financial Tools

In 2023, we closed $608 million worth of financing for the Apuiat wind farm, located in the Côte-Nord region of Quebec. The financing comprises a derivative instrument to cover variations in interest rates and reward the achievement of key ESG objectives related to health and safety, as well as the involvement of Innu communities. This is Boralex's first deal to be linked to ESG criteria for a specific project. In Europe, we carried out an analysis of human rights and climate change in connection with a significant long-termfinancing deal.

In 2021, Boralex extended a letter of credit facility for five years, with pricing conditions attached to ESG objectives (percentage of women in management positions and tonnes of CO2 avoided by our renewable energy production). At the end of 2023, we obtained a $100 million increase in our credit facility, for a total of $550 million until 2028, and the ESG targets agreed for 2021 were revised upwards, as they had already been achieved.

90%

More than 90% of the money in Boralex's pension plan for employees in Canada is invested in funds that meaningfully take ESG factors into account in their investment process. These investments, which align with our values, represent more than $18 million.

Changes to ESG Disclosure

ESG disclosure standards are evolving. At Boralex, we have begun preparing for the new global sustainability disclosure framework developed by the International Sustainability Standards Board (ISSB) to meet investors' needs. After analyzing the gaps between our current practices and the new framework, we implemented a plan to begin moving toward the new standards in 2024 and prepare to perform a double materiality analysis. We are also preparing for the European Union's Corporate Sustainability Reporting Directive (CSRD), to which we are subject due to the scope of our activities in France.

Integrating ESG Impacts into Risk Management

Our enterprise risk management policy enables us to proactively and systematically identify, manage and monitor risks that could impact our ability to achieve our strategic objectives. It helps us make informed decisions in line with our objectives and our mission, defines the roles and responsibilities of all internal stakeholders (including the Board of Directors) and outlines the accountability process for each risk level.

In 2023, we updated the primary risks to the success of our corporate strategy in order to reflect the changing economic and operational backdrop. It should be noted that CSR considerations, including our 10 CSR priorities, are not a risk category in and of themselves; they are cross-cutting and apply to each risk category. They enable us to systematically analyze ESG opportunities and impacts for each of the decisions we make.