Boralex makes net loss despite earnings increase

CANADA: Newly acquired projects boosted Boralex's production, revenue and earnings, but it still made a net loss in the first half of the year.

Boralex had commissioned the 23.1MW Artois project in France in December 2017
Boralex had commissioned the 23.1MW Artois project in France in December 2017

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The Canadian firm acquired French company Kallista Energy Investment, which has a 163MW operational portfolio, in June.

Boralex’s CEO Patrick Lemaire said the acquisition had made an "immediate contribution" to operating results.

Its wind farms generated 2,085GWh in the first six months of the year, up 8% from the same period one year earlier.

The company’s revenue from energy sales, meanwhile, rose 15% year-on-year to C$278 million ($213 million), and its earnings before interest, tax, depreciation and amortisation (Ebitda) increased 10% to C$182 million.

Nevertheless, year-on-year, it made a net loss of C$33 million in the second quarter and of C$10 million in the first half of 2018.

Boralex stated that this was due to C$7 million in acquisition costs C$12 million in impairment losses, due to the repowering of its 22.5MW Cham Longe project in south-east France and the cancellation of the power purchase agreement (PPA) for its 50MW Otter Creek project in Ontario, Canada.

As well as the acquisitions from Kallista, Boralex had also commissioned its 10MW Voie des Monts and 24MW Mont de Bagny projects in France in August 2017, and the 23.1MW Artois and 29.77MW Chemin de Grès projects - also in France - in December 2017.

The developer also acquired US firm Invenergy’s interest in five wind farms in Québec in June, and expects to complete the transaction in August.

Once the deal for a net capacity of 201MW is completed, Boralex will have a total installed capacity of 1,820MW, it stated.

The company added that it could have 2,065MW of installed wind power capacity by the end of 2020.

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