Boralex: The Superior Court rejects O'Leary's Motion

MONTREAL, Nov. 1 /PRNewswire/ - Boralex Inc. (Boralex or the "Corporation") announces that the motion to obtain a safe guard order sought by O'Leary Funds Management LP to block any action affecting its units of Boralex Power Income Fund (the "Fund") has been rejected. 

Following the hearing that was held on October 19 and 20, the Honourable Justice Poirier rejected the arguments that were made by O'Leary Funds Management LP. Boralex is now able to complete its acquisition of the remaining units of the Fund by way of a business combination. 

Boralex had previously acquired in the course of its takeover bid for the units of the Fund which expired on September 28, 2010, 73% of all of the Fund's units, inclusive of those which it held prior to making the bid.

About Boralex
Boralex is a major independent power producer whose core business is the development and operation of power stations that generate renewable energy. Employing over 300 people, the Corporation operates 31 power stations with a total installed capacity of 460 megawatts ("MW") in Canada, in the North-eastern United States and in France. In addition, the Corporation has, alone or with its European and Canadian partners, power projects under development that will add close to 300 MW of power, of which almost 50 MW will come online by the end of fiscal 2010. Boralex is distinguished by its diversified expertise and in-depth experience in three power generation segments - wind, hydroelectric and thermal. Boralex shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbol BLX. More information is available at www.boralex.com or www.sedar.com.

SOURCE BORALEX INC.