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BORALEX PRESS RELEASE For immediate release Strong growth in operating income and submission of bids for 800 MW of solar projects in Q3-2021 Highlights • • • • Increases in operating income and EBITDA ( A ) 1 in Q3-2021 о ° Operating income of $ 7 million ( $ 13 million ) ² , up 112 % ( 7 % ) from $ 3 million ( $ 12 million ) in Q3-2020 EBITDA ( A ) of $ 81 million ( $ 93 million ) , up 31 % ( 12 % ) from $ 62 million ( $ 83 million ) in Q3-2020 Substantial growth in the project pipeline о о ° Bids for 800 MW of solar projects in New York State submitted in late August Projects totalling 103 MW added to the " Early - stage " phase of the project pipeline Two projects totalling 33 MW advanced to the " Secured " phase of the Growth Path Optimization of capital structure and first sustainable financing ( ESG criteria ) о Renewal and extension of the corporate credit facility and letter of credit facility totalling $ 525 million for a remaining term of 5 years with sustainable financing ( ESG criteria ) and a $ 150 million accordion Production 40 % ( 22 % ) higher than in Q3-2020 and 7 % ( 7 % ) below anticipated production³ о ° ° Wind : 20 % ( 3 % ) higher than in Q3-2020 and 11 % ( 10 % ) below anticipated production Hydroelectric : 42 % higher than in Q3-2020 and 21 % above anticipated production Solar : 10 % below anticipated production • Increase in cash flows from operations and decreases in net and discretionary cash flows ° Net cash flow related to operating activities of $ 47 million ( $ 42 million ) for Q3-2021 , down $ 26 million ( $ 24 million ) from Q3-2020 ° ° Cash flow from operations of $ 66 million for Q3-2021 , up $ 3 million from Q3-2020 Discretionary cash flow of $ 21 million , down $ 5 million from Q3-2020 Montreal ( Quebec ) , November 12 , 2021 - · Boralex Inc. ( " Boralex " or the " Company " ) ( TSX : BLX ) is pleased to report an increase in operating income and significant progress on certain development projects during the quarter ended September 30 , 2021 . " Our operating income continued to grow in the third quarter . The impact of last year's acquisitions and commissionings and favourable hydraulic conditions in the eastern United States more than compensated for less favourable wind conditions in Canada and France than in the third quarter of 2020 , " said Patrick Decostre , President and Chief Executive Officer of Boralex . " Apart from the financial results , a highlight for the quarter was the submission of bids for 800 MW of projects under the most recent NYSERDA request for proposals in New York State . We expect to learn the outcome of the bidding process in the coming months . We are also proud to have closed our first sustainable financing recently and to have moved forward with the execution of our corporate social responsibility ( CSR ) plan , " Mr. Decostre added . These terms do not have a standardized meaning under IFRS ; accordingly , they may not be comparable to similarly named measures used by other companies . For more details , see the Non - IFRS financial measures section in this press release . 2 3 The figures in brackets indicated the results according to the Combined ' , compared to those obtained according to the Consolisated . Calculated based on adjusted historical averages of commissioning and planned outages for experimental and other sites , based on producible material studies performed . 1