Montreal - Boralex Inc. ('Boralex' or the 'Company') (TSX: BLX) held its annual meeting of shareholders earlier today.

During the online meeting chaired by Alain Rheaume, Chairman of the Board, shareholders elected directors and adopted the resolutions proposed.

The retirement of Mr. Edward H. Kernaghan, a director of the Company for the past 15 years, and his significant contribution to Boralex were also highlighted.

Mr. Rheaume opened the meeting with congratulations to Boralex's teams on the outstanding achievements of 2021, including the updating of the strategic plan with the adoption of ambitious objectives, success in getting several projects selected under calls for tender in North America and Europe, securing a first sustainability-linked loan and the partnership recently formed with Energy Infrastructure Partners (EIP) through EIP's acquisition of a 30% stake of Boralex's French operations. All of this was accomplished in the midst of a leadership transition, with Patrick Decostre succeeding Patrick Lemaire as President and Chief Executive Officer.

About Boralex

At Boralex, we have 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, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to 2.5 GW. We are developing a portfolio of more than 3 GW in wind and solar projects and nearly 200 MW in storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

Forward-looking statements

Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Company's strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Company's financial targets, the partnership with Energir and Hydro-Quebec for the elaboration of three 400 MW projects for which the development will depend on Hydro-Quebec's changing needs, the portfolio of renewable energy projects, the Company's Growth Path and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as 'will,' 'would,' 'forecast,' 'anticipate,' 'expect,' 'plan,' 'project,' 'continue,' 'intend,' 'assess,' 'estimate' or 'believe,' or expressions such as 'toward,' 'about,' 'approximately,' 'to be of the opinion,' 'potential' or similar words or the negative thereof or other comparable terminology, are used to identify such statements. Forward-looking statements are based on major assumptions, including those about the Company's return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Company considers these factors and assumptions to be reasonable, based on the information currently available to the Company, they may prove to be inaccurate. Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forwardlooking statement is achieved. The main factors that may result in any significant discrepancy between the Company's actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the Company's financing capacity, competition, changes in general market conditions, industry regulations, litigation and other regulatory issues related to projects in operation or under development, as well as other factors listed in the Company's filings with the various securities commissions. Unless otherwise specified by the Company, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Company's activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements. Unless required by applicable securities legislation, Boralex's management assumes no obligation to update or revise forward-looking statements in light of new information, future events or other changes

Contact:

Isabelle Fontaine

Tel: 819 345-0043

Email: isabelle.fontaine@boralex.com