Page 1

BORALEX • • • 1st PRESS RELEASE For immediate release Boralex adds 180 MW to its project portfolio and posts net earnings of $ 38 million in Q1 2021 © quarter of 2021 highlights Discretionary cash flow over the last 12 months at $ 142 million , in line with the 2023 target of $ 140 to $ 150 million EBITDA ( A ) of $ 151 million ( $ 162 million ) in Q1-2021 compared to $ 149 million ( $ 169 million ) in Q1-2020 о о Net earnings of $ 38 million ( $ 43 million ) in Q1-2021 vs $ 44 million ( $ 37 million ) in Q1-2020 Total combined production in line with corresponding quarter in 2020 ° Total production : in line with Q1-2020 and 1 % below anticipated production 1 ⚫ Wind production : decrease of 4 % compared to Q1-2020 and 1 % below anticipated production Recent acquisitions and projects commissioning met expectations о Contribution of $ 29 million ( $ 20 million ) to EBITDA ( A ) from acquisitions of CDPQ's equity interests in three wind farms in Quebec , seven solar farms in the United States , as well as projects commissioning Additional 180 MW in new projects and good progress of projects in development ° о о Addition of 180 MW to project portfolio : 143 MW in solar power and 37 MW in wind power Progress in the Growth Path of 71 - MW Moulins du Lohan wind project in France following a favorable decision by the Conseil d'État Commissioning on May 1 of the Bazougeais wind farm in France , with an additional 12 MW in total installed capacity • Signing of a five - year renewable power purchase agreement to benefit IBM France Sale of the Blendecques power station in France , the Company's last fossil fuel facility , thus making Boralex a 100 % renewable energy producer Montreal ( Canada ) , May 5 , 2021 - For the quarter ending March 31 , 2021 , Boralex Inc. ( " Boralex " or the " Company " ) ( TSX : BLX ) continued to add new projects to its project portfolio and to advance existing projects to the secured and ready to build phases of its Growth Path . The Company also generated production in line with the corresponding quarter of 2020 . " Since the beginning of the year , we have kept the course on our strategic plan and have continued to generate a high level of discretionary cash flow , one of our three financial objectives for 2023 , " stated Boralex President and CEO , Patrick Decostre . " Our two most recent acquisitions and projects commissioning were in line with our expectations . Wind conditions in France were in line with anticipated production but lower than the exceptionally strong conditions of first quarter 2020 , " Mr. Decostre added . Early in 2021 , major announcements were made regarding two large - scale projects : the signing of the 200 MW Apuiat wind project contract in Quebec ( 100 MW net to Boralex ) , in partnership with the Innu's and the favorable decision on the 71 MW Moulins du Lohan wind farm project in Brittany , France . These announcements are very encouraging for the Company's continued growth . Boralex also released its first Corporate Social Responsibility ( CSR ) report , Beyond Renewable Energy . The report , which is separate from the annual report , depicts the rigorous approach taken by the Company in developing its CSR strategy , which is fully aligned with its strategic plan and its financial objectives . In 2021 , Boralex is focusing on the following issues : diversity and equal opportunities , reporting on greenhouse gas emissions , and occupational health and safety , including mental health . ( 1 ) Calculated based on adjusted historical averages of commissioning and planned outages for experimental and other sites , based on producible material studies performed . ( 2 ) The figures in brackets reflect the combined EBITDA ( A ) , versus those calculated according to the IFRS . See the " Combined EBITDA ( A ) - Non - IFRS Measures " section below . 1