Mr. Patrick Decostre reports

APUIAT WIND FARM REACHES COMMERCIAL OPERATION – MARKING A NEW ENERGY ERA IN QUEBEC

Apuiat Wind Farm LP, a 50/50 partnership between the Innu Communities and Boralex Inc., has brought its Apuiat wind farm to commercial operation. The 200-megawatt facility is located on the Nitassinan (traditional territory) of the Uashat mak Mani-utenam First Nation.

The wind project was initiated and co-developed by the Innu Communities. It stands as their first national energy project and the first wind farm to be built in Quebec's Cote-Nord region. This project also symbolizes the revival of wind energy development in Quebec, being the first large-scale wind project commissioned since 2018, and aligns closely with the province's renewed energy ambitions.

The wind farm consists of 34 Vestas V162 turbines, each with a capacity of six MW, making them the most powerful ever commissioned in Quebec. The electricity generated by the facility is sold to Hydro-Quebec under a 30-year power purchase agreement.

An official inauguration of the Apuiat wind farm is planned for spring 2026. This event will mark a significant milestone for the project's partners and for the Cote-Nord region, while highlighting the park's contribution to the evolution of Quebec's energy landscape.

Key facts and highlights

• A project of many firsts: The first national energy project for the Innu and the first wind farm built in the Cote-Nord region.
• Shared and lasting benefits:
  • The Innu will receive its 50-per-cent share of the project's net earnings over the next 30 years.
  • Royalties of $1-million paid annually and shared equally between Uashat mak Mani-utenam and the municipality of Port-Cartier.
• First nation businesses: A total of $19-million awarded in goods and services contracts to indigenous businesses.
• Local employment impacts: Over 300 workers mobilized during construction and 11 long-term jobs created locally to ensure operations throughout the contract duration.
• Development of Innu expertise: Creation of the first wind maintenance training program for indigenous communities in collaboration with the Mitshapeu Training Centre, Groupe Collegia and Vestas.
• Renewable energy to meet Quebec's needs: Enough electricity to power approximately 150,000 people annually.

Quotes

"The word 'Apuiat,' which means 'oar' in the Innu language, symbolizes collective effort, movement and common direction. It perfectly embodies the spirit of this project: to move forward together, while respecting Innu values, toward a sustainable future that brings own-source revenues for our entire nation. This is our first national energy project, but certainly not the last."

Martin Dufour, Chief of energy matters for the Innu Nation, and Chief of the Innu Essipit Council

"As the host community for this major infrastructure, we can take pride in the commissioning of the Apuiat wind farm and the positive benefits it promises for our community and our region. Apuiat will enable the production of green energy and provide significant economic opportunities for decades to come."

Jonathan Shetush, Chief of the Innu Community of Uashat mak Mani-utenam

"This project is the result of remarkable collective work. It shows that first nations can be the initiators of major projects. Apuiat is a model of shared governance, on an equal footing and of development that respects our communities, which paves the way for future energy development on the Nitassinan. Commissioning is therefore not the end of a project's development, but the beginning of a great story."

Marc Genest, president, Apuiat Wind Farm LP

"For us, the Apuiat project is a model of partnership and business that truly reflects our core values. Its commissioning represents much more than a milestone in the execution of Boralex's strategic plan and growth trajectory -- it's a tangible example of shared value creation. It's a vision we're proud to carry forward, and one we hope will inspire the next chapter of Quebec's energy transition."

Patrick Decostre, president and chief executive officer of Boralex

"The success of Apuiat is rooted in the strength of the partnership between the Innu and Boralex. I want to highlight the professionalism and the work accomplished by both our teams, as well as the quality of the collaboration and the learnings we've drawn from this project -- one that marks the beginning of a new era for wind energy in Quebec."

Robin Deveaux, executive vice-president and general manager, North America, of Boralex

About Apuiat Wind Farm LP

Apuiat Wind Farm is the company created jointly by the Innu Communities that are partners in the Apuiat project and Boralex for the development and operation of this 200 MW wind project. Owned 50/50 by the Innu and Boralex, the Apuiat project will generate long-term economic benefits for the Innu and North Shore communities, and provide clean electricity to the equivalent of 40,000 homes annually in Quebec.

About Boralex Inc.

At Boralex, the company 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, the company also has development activities and production facilities in the United States and the United Kingdom. Over the past five years, our installed capacity has more than doubled to over 3.1 gigawatts. The company's pipeline of projects and growth path total over eight GW in wind, solar and electricity storage projects. The company develops those 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 the company's fearlessness, its discipline, its expertise and its diversity, Boralex continues to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.