Boralex

In 1997, to support its growth and take on new projects, Boralex issues its first public share offering to finalize several acquisitions and strengthen its financial position. Cascades' interest in Boralex decreases to 71%. Boralex ends the year with an asset portfolio of 11 power stations with a total installed capacity of 62 MW.

The next year, Boralex gains its first foothold in France with the acquisition of La Rochette hydroelectric power station and moves into the wood-residue thermal energy market with the acquisition of the Stratton power station in Maine, USA; other thermal power stations will be acquired in subsequent years.

By the end of 2001, Boralex holds: 200 employees, 18 power stations in Québec, the United States and France, a total installed capacity of close to 350 MW, with electricity being generated by hydroelectric, thermal and gas- and wood-residue-fired cogeneration power stations.

In November 2002, Boralex takes its first steps in wind power generation, starting up its first wind farm in Avignonet-Lauragais in France. This diversifies its sources of generation and allows it to further its development in France.

In the late 2000s, Boralex continues to expand in the wind power market with developments in Canada. The consortium of Boralex and Gaz Métro Limited Partnership, with the assistance of the Séminaire de Québec, is awarded two of the three wind power projects submitted in response to Hydro-Québec's call for proposals for 2,000 MW. The Seigneurie de Beaupré Wind Farms will have a total installed capacity of 272 MW and will start operating in 2013. To this date, the Seigneurie de Beaupré Wind Farms remain the largest wind site in Canada (when including the Côte-de-Beaupré community wind farm).

Boralex then strengthens its presence by acquiring the rights to nine wind farms in Ontario. Thames River site, which benefits from an installed capacity of 90 MW, will be built in three phases. In November 2016, the Niagara Region Wind Farm was commissioned. With a total installed capacity of 230 MW, NRWF is the largest wind project in Southern Ontario.

In July 2017, Boralex announces that Caisse de dépôt et placement du Québec ("la Caisse") has acquired all of the Class A common shares of Boralex held by Cascades Inc. representing 17.3% of the outstanding shares for the amount of $287.5 million. As part of the transaction, the Corporation and la Caisse have agreed to explore partnership opportunities with respect to investing in future projects developed by Boralex that are in line with its growth strategy.

On April 20, 2018, Boralex enters into a purchase agreement to acquire the Kallista Energy Investment SAS portfolio and strengthens its position as France's largest independent producer of wind power by increasing its installed capacity from 609 MW to 772 MW. Worldwide, Boralex increased its total installed capacity by more than 11%, from 1,456 MW to 1,619 MW.

On June 20, 2018, Boralex announces an agreement to acquire Invenergy Renewables' Interests in 5 Wind Farms in Québec for $215 million, a $180 million public offering and a $45 million private placement. Located in the MRC d'Avignon and the MRC des Appalaches in Eastern Québec, the Projects were commissioned between March 2012 and December 2016. They comprise state-of-the-art Enercon and GE turbines. The Projects benefit from long-term Power Purchase Agreements ("PPAs") with Hydro-Québec Distribution expiring between 2032 and 2041.

Boralex announced five commercial commissionings in the Fall 2018 and an installed capacity of 1,909 MW.

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