Canada

Canada

Higher production boosts Boralex's Q1 profits

CANADA: Improved performance from wind farms in France and contributions from newly commissioned projects boosted Canadian developer Boralex's profits in the first quarter of 2018, it stated.

Increased production, including from the 24MW Mont de Bagny wind farm in France, pushed up Boralex's Q1 profits
Increased production, including from the 24MW Mont de Bagny wind farm in France, pushed up Boralex's Q1 profits

Boralex posted operating profits (Ebitda) of C$104 million (US$80.35 million), up 19.5% from C$87 million, one year earlier, in its Q1 2018 financial results.

Production from its assets increased from 909GWh in the first quarter of 2017, to 1,055GWh a year later. Revenue from energy sales also increased during this period, from C$119 million to C$152 million – an increase of 27.7% year-on-year.

The increase in production was largely driven by full-quarter contributions from wind farms acquired and commissioned during the 2017 fiscal year, Boralex stated.

These included the 10MW Voie des Monts and 24MW Mont de Bagny projects in France, which were commissioned in August.

The developer also reported a 4% increase year-on-year in production from its existing projects – "fuelled primarily by wind farms in France which saw much more favourable wind conditions, largely offsetting lower production at hydroelectric power stations in Canada and the US".

Boralex was informed in January that its 300MW SBx onshore wind project was not selected in Massachusetts’ request for proposals.

In February, the developer closed €136 million (C$212 million) of financing for five French wind farms with a combined capacity of 112MW.

Boralex also received joint investment of C$200 million at the end of March from Canadian bank Caisse de depot et placement du Québec (C$170 million) and development capital organisation Fonds de solidarité FTQ (C$30 million). 

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