Mr. Patrick Decostre reports

2 BORALEX PROJECTS TOTALLING 365 MW SELECTED IN HYDRO-QUEBEC WIND POWER CALL FOR TENDERS

Two Boralex Inc. wind power projects, totalling 365 megawatts, have been selected in Hydro-Quebec's call for tenders issued on March 31, 2023. This represents a 100-per-cent success rate for Boralex in this call for tenders, as both projects submitted by the company were selected.

"With these results, Boralex has once again demonstrated its ability, built on more than 30 years of experience and our disciplined approach, to develop sustainable, profitable projects that create value for all our stakeholders. Today's announcement is perfectly in line with our ambitious growth objectives for 2025, at a time when renewable energy production must be massively increased in Quebec and across all our business markets in order to achieve the global energy transition," said Patrick Decostre, president and chief executive officer of Boralex.

"I am extremely proud of the Boralex teams who have worked closely with our local partners, including in the region of our head office in Kingsey Falls, to submit high-quality projects to Hydro-Quebec. These projects will contribute directly to meeting Quebec's significant energy needs, and their selection reaffirms the essential role of independent power producers in achieving the decarbonization targets," said Hugues Girardin, executive vice-president and general manager, North America, at Boralex.

These projects are in addition to the 200 MW Apuiat wind project, scheduled to go into service at the end of this year, and the three 400 MW Des Neiges projects developed on the Seigneurie de Beaupre site in partnership with Hydro-Quebec and Energir.

Project highlights

Arthabaska wind power project:

• Total installed capacity: 265 MW;
• Number of wind turbines: between 37 and 44;
• Scheduled commissioning: 2029;
• Located in the Centre-du-Quebec region, in the Arthabaska MRC, on private lands in the municipalities of Saint-Albert, Sainte-Elizabeth-de-Warwick, Sainte-Seraphine, and the cities of Victoriaville and Warwick;
• Partnership: 50 per cent MRC d'Arthabaska/50 per cent Boralex.

Monnoir wind power project:

• Total installed capacity: 100 MW;
• Number of turbines: between 15 and 20;
• Scheduled commissioning: 2027;
• Located in the Monteregie region, in the Rouville and Haut-Richelieu MRCs, on private lands in the municipalities of Sainte-Angele-de-Monnoir, Sainte-Brigide-d'Iberville and the city of Saint-Cesaire;
• Partner: 50 per cent Cooperative regionale d'electricite de Saint-Jean-Baptiste de Rouville/50 per cent Boralex.

Boralex and its partners will now turn their attention to the proper execution of power purchase agreements with Hydro-Quebec while pursuing the development activities of the projects. The information and consultation process will continue in order to factor in the comments and interests of the host communities. Addressing the local population's concerns and interest has always been a priority for Boralex and its partners.

A favourable energy context in Quebec

This call for tenders comes at a time of strong growth for renewable energies in Quebec, particularly wind power. Hydro-Quebec has announced that it needs between 150 and 200 TWh of new energy supplies by 2050 to meet projected commercial and residential demand, and thus contribute to the province of Quebec's decarbonization targets. Hydro-Quebec has set itself the target of integrating 10,000 MW of new wind power capacity by 2035, while Quebec will need to generate an additional 60 terawatt-hours by 2035.

About Boralex Inc.

Boralex has been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, it also has facilities in the United States and development projects in the United Kingdom. Over the past five years, its installed capacity has more than doubled to over three gigawatts. Boralex is developing a portfolio of close to 6.4 GW in wind, solar projects and storage projects, guided by its values and its corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to its fearlessness, its discipline, its expertise and its diversity, the company continues to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.