Financial Review

1st Quarter 2017

May 4, 2017
DISCLAIMER
Forward-looking Statements
Certain statements contained in this presentation, including those regarding future results and performance,
are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number
of risks, uncertainties and assumptions that could lead to a material difference between actual results and the
projections, including, but not limited to, the general impact of economic conditions, currency fluctuations, volatility in the
selling prices of energy, the Corporations financing capacity, negative changes in general market conditions and
regulations affecting the industry, raw material price increases and availability as well as other factors listed in the
Corporations filings with different securities commissions.

Proportionate Consolidation
This presentation contains results presented on a proportionate consolidation basis. Under this method, the results
of Seigneurie de Beaupr Wind Farms 2 and 3 (Joint Venture Phase I) and Seigneurie de Beaupr Wind Farm 4
(Joint Venture Phase II) General Partnerships (the Joint Ventures), which are 50% owned by Boralex, were
proportionately consolidated instead of being accounted for using the equity method as required by IFRS. Under the
proportionate consolidation method, which is no longer permitted under the IFRS, the Interests in the Joint Ventures
and Share in earnings (loss) of the Joint Ventures are eliminated and replaced by Boralexs share (50%) in all items in
the financial statements (revenues, expenses, assets and liabilities). Since the information that Boralex uses to perform
internal analyses and make strategic and operating decisions is compiled on a proportionate consolidation basis,
management has considered it relevant to integrate this Proportional Consolidation section into the presentation to help
investors understand the concrete impacts of decisions made by the Corporation. Moreover, tables reconciling IFRS
data with data presented on a proportionate consolidation basis are included in the MD&A.

Non-IFRS Measures
This presentation contains certain financial measures that are not in accordance with International Financial Reporting
Standard ("IFRS").
In order to assess the performance of its assets and reporting segments, Boralex uses the terms "EBITDA(A)", "cash
flows from operations", "net debt ratio" and "discretionary cash flows". For more information, please refer to Boralexs
MD&A.

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Mr. Patrick Lemaire
President and
Chief Executive Officer
Boralex Inc.

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Financial Highlights
Q1 2017
~ Production, revenues from energy sales and EBITDA(A) all reach new heights due to the
contribution of projects either acquired or commissioned in 2016 or in early 2017 as well as
the good performance of most of the North-American assets. The combination of these
factors more than compensated for the less favourable wind conditions in France and the
devaluation of the Euro in comparison to the previous year.

~ During the first quarter, Boralex completed the most important transaction of its history, the
Niagara Region Wind Farm (230 MW), translating into an immediate increase of installed
capacity exceeding 20%. At the same time, Boralex issued 10.4 million new shares
following the conversion of subscription receipts issued in December 2016.

~ Boralex was included in the S&P/TSX Composite Index. This important milestone should
support the future liquidity of Boralexs stock considering that this index is used by
Canadian portfolio managers in their benchmarking of relative performance.

~ Boralex adds 110 MW to its Growth Path including 79 MW of wind projects in France
scheduled for commissioning in 2018. These projects will benefit from fixed and indexed
prices and 15 year contracts. These additions support the objective of reaching 2,000 MW
of installed capacity by the end of 2020, representing a 10% compounded annual growth
rate compared to the current level.

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The Growth Path

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Financial Target

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Mr. Jean-Franois
Thibodeau
Vice president and
Chief Financial Officer
Boralex Inc.

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Summary
Q1 2017
Q1
IFRS Proportionate Consolidation

(in millions of dollars, unless otherwise specified)

2017 2016 2017 2016
Power Production (GWh) 909 821 1,063 973

Revenues from energy sales 119 106 136 122

EBITDA(A) 87 80 97 90

EBITDA(A) margin (%) 73 75 72 74

Net earnings(1) 16 21 16 21

Per share (basic) ($) 0.22 0.32 0.22 0.32

Per share (diluted) ($) 0.21 0.30 0.21 0.30

Cash flow from operations 58 60 69 70

(1) Attributable to shareholders of Boralex.

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EBITDA(A) by sector
Q1 2017
Q1
IFRS Proportionate Consolidation

(in millions of dollars)

2017 2016 2017 2016
Wind 77 71 86 80

Hydroelectricity 13 13 13 13

Thermal 6 4 6 4

Solar 1 1 1 1

97 89 106 98

Corporate and eliminations (10) (9) (9) (8)

EBITDA(A) 87 80 97 90

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EBITDA(A) - Variance Analysis (1)
Q1 2017 vs 2016 IFRS

(2)

Proportionate Consolidation

(1) The amounts in these graphs are

expressed in millions of dollars.
(2) Commissioning of 270 MW: the Touvent,
Port Ryerse, Plateau de Savernat I,
Oldman and NRWF wind farms.
(2)

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Sector Review Q1 2017
Wind Energy
Q1
IFRS Proportionate Consolidation

(in millions of dollars, unless otherwise specified) 2017 2016 2017 2016
Power production (GWh) 655 581 809 733
Capacity factor (%) 32 37 34 38
Revenues from energy sales 88 78 105 94
EBITDA(A) 77 71 86 80
EBITDA(A) margin (%) 88 91 83 86

Under Proportionate Consolidation

y Production increased by 10% vs Q1 2016
y Lower by 11% excluding the newly-commissioned sites
PRODUCTION
Canadian Stations French Stations
Capacity factor of 38% vs a 40% expectation Capacity factor of 29% vs a 31% expectation
42% higher vs Q1 2016 17% lower vs Q1 2016
Stable excluding the contribution of newly-commissioned assets 21% lower excluding the contribution of newly-commissioned assets
(Port Ryerse, Oldman and NRWF) (Touvent and Plateau de Savernat I)

y Newly-commissioned assets had a favorable impact on revenues of $25 million and of $20 million on
EBITDA(A).
y These favourable items were partially offset by lower production at existing sites for an impact of
$11 million on revenues and EBITDA(A).
y The fluctuation of the Euro had a negative impact of $4 million on revenues and $3 million on EBITDA(A).

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Sector Review Q1 2017
Hydro Energy
IFRS

Q1
(in millions of dollars, unless otherwise specified) 2017 2016
Power production (GWh) 173 171

Revenues from energy sales 17 17

EBITDA(A) 13 13

EBITDA(A) margin (%) 77 75

y Production higher by 1% compared to Q1 2016 and by 12% versus historical averages.

PRODUCTION
Canadian Stations US Stations
6% higher vs Q1 2016 1% lower vs Q1 2016
11% higher vs historical averages 12% higher vs historical averages

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Sector Review Q1 2017
Corporate
Q1
IFRS Proportionate Consolidation

(in millions of dollars) 2017 2016 2017 2016

Development 3 2 3 2

Administrative 5 4 5 4

Other expenses 2 3 1 2

Corporate EBITDA(A) 10 9 9 8

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Cash Flows
Q1 2017
Q1
IFRS Proportionate Consolidation

(in millions of dollars) 2017 2016 2017 2016

Cash flows from operations 58 60 69 70

Changes in non-cash items (4) 16 (9) 12

Operating activities 54 76 60 82

Investing activities (121) (21) (121) (21)

Financing activities 60 (14) 60 (14)

Other (2) (2)

Net change in cash (7) 39 (1) 45

Cash and cash equivalents
100 100 109 109
beginning of period

Cash and cash equivalents

93 139 108 154
end of period

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 Financial Position
Q1 2017
IFRS Proportionate Consolidation

March 31, December 31, March 31, December 31,

(in millions of dollars, unless otherwise specified) 2017 2016 2017 2016
Cash and cash equivalent 93 100 108 109

Restricted cash(1) 44 193 44 193

Total assets 3,644 2,702 4,024 3,084

Net debt(2) 2,284 1,442 2,611 1,777

Convertible debentures - nominal value 144 144 144 144

Average rate - total debt (%) 3.8 3.9 3.9 4.1

Equity attributable to shareholders

672 496 672 496
of Boralex(3)

Book value per share (in $) 8.86 7.58 8.85 7.57

Net debt ratio (market capitalization) (%) 56 50 59 56

(1) Includes restricted cash of $170 million related to Subscription receipts as at December 31, 2016.
(2) Excludes Convertible debentures.
(3) Excludes Non-controlling shareholders.
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 APPENDICES
~ Sector Review - Thermal Energy p. 17

~ Sector Review - Solar Energy p. 18

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Sector Review Q1 2017
Thermal Energy
IFRS

Q1

(in millions of dollars, unless otherwise specified)

2017 2016
Steam production (000 lbs) 171 171

Power production (GWh) 77 65

Revenues from energy sales 13 10

EBITDA(A) 6 4

EBITDA(A) margin (%) 45 41

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Sector Review Q1 2017
Solar Energy
IFRS

Q1

(in millions of dollars, unless otherwise specified)

2017 2016

Power production (GWh) 4 4

Capacity factor (%) 13 12

Revenues from energy sales 1 1

EBITDA(A) 1 1

EBITDA(A) margin (%) 81 82

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Question Period