Higher production boosts Boralex's profits

CANADA: New renewable energy sites increased Boralex's generation and revenue for 2017, the developer's annual results show.

The sites produced 3,675GWh in 2017, up 24% from 2,953GWh the previous year, while its revenue rose from C$354 million ($274.6 million) to C$473 million.

The developer’s operating profit (Ebitda) also grew 38% year-on-year from C$231 million to C$319 million.

Boralex explained these increases were mostly attributable to the contribution of sites acquired or commissioned since 2016.

Newly commissioned or acquired wind sites during this period accounted for 395MW of new operational capacity for Boralex.

Its 24MW Mont de Bagny and 10MW Voie des Monts wind farms in France went online in August and the 16MW Plateau de Savernat in June.

This was then followed by its 10MW Port Ryerse project in Canada, and the Artois and Chemin de Grés sites in France being commissioned in December.

Boralex also acquired 200.5MW of projects in France and Scotland in September 2016, and a 25% share in the 230MW Niagara development in Canada in November.

The company added that "favourable wind conditions at the French wind farms in the second half of the year made it possible to offset the decline in production at the French wind farms and Canadian hydroelectric power stations in early 2017".

Canadian pension fund manager La Caisse de depot et placement du Quebec acquired a majority 17.3% stake in Boralex in July. In its annual report, the developer stated that the fund manager could now "act as partner in much larger scale projects than what the corporation would be able to take on alone".

In October, Boralex committed to investing C$11.7 million towards a joint venture (JV) with UK developer Infinergy targeting a ten-project, 325MW onshore pipeline in Scotland.

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