Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ will invest up to C$300 million CA by way of an unsecured subordinated loan to Boralex

Boralex Inc. (TSX: BLX) (“Boralex” or the “Corporation”) announces today the closing of a joint investment of $200 million in the Corporation by way of an unsecured subordinated loan with a term of ten (10) years. The investment is made by Caisse de dépôt et placement du Québec (la “Caisse”) via its subsidiary CDPQ Revenu Fixe Inc. which is investing an amount of $170 million to which is added an investment of $30 million by Fonds de solidarité FTQ (the “Fonds”).

This investment of $200 million (“Tranche A”) could, under certain conditions, be increased by an amount of $100 million (“Tranche B”), which is available for a period of 12 months from the closing date. If Tranche B is drawn, it shall be under the same terms and conditions applicable to the Tranche A, with the only difference being the interest rate which shall reflect the interest rate curve at the moment of disbursement.

Tranche A will bear interest at a competitive market rate, payable semi-annually. Under the Loan Agreement, capital is repayable upon maturity on March 29, 2028 subject to certain standard obligations for this type of loan.

Caution regarding forward-looking statements

Some of the statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. The main factors that could lead to a material difference between the Corporation’s actual results and the forward-looking financial information or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, currency fluctuations, volatility in energy selling prices, the Corporation’s financing capacity, competition, changes in general market conditions, the regulations governing the industry and raw material price increases and availability, regulatory disputes and other issues related to projects in operation or under development, well as certain other factors described  in the documents filed by the Corporation with the different securities commissions.

Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made.

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.