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Boralex announces strong growth in Q1

Boralex announces strong growth in Q1

MONTREAL — Quebec-based renewable energy developer Boralex has announced growth of 10 per cent for the first quarter of 2020 compared with the same period of 2019 due in part to an increase in wind power production in France.

Combined wind power production was higher than anticipated and higher than corresponding quarterly production in 2019, up nine per cent compared with last year. Combined earnings (EBITDA) in the first quarter were $169 million.

Wind power production in France was up 38 per cent versus the first three months of 2019.

Boralex develops, builds and operates renewable energy power facilities in Canada, the United Kingdom and the United States in addition to France. It’s France’s largest independent producer of onshore wind power, noted a May 6 release.

Renewable energy production was declared an essential sector in each of the jurisdictions in which Boralex operates.

Boralex reported it has been selected in requests for proposals in France and New York State for solar and wind projects totalling 250 megawatts. Included are solar projects to produce 180 megawatts in New York State and 70 megawatts in solar and wind projects awarded in France.

Boralex employees have been working remotely since the week of March 9. Site operations and maintenance teams have been reorganized and are following the business continuity plan, the   release stated. Ninety-seven per cent of Boralex’s production is under contract with well-defined conditions, so the corporation will continue to generate expected cash flows, said Boralex.

“For the second consecutive quarter, comparable production at our wind farms in France was considerably higher than in the corresponding period last year and anticipated production,” commented Patrick Lemaire, president and CEO of Boralex, in the release.

“The first quarter of 2020 was also the period in which COVID-19 spread rapidly around the world, with a devastating impact on the lives of people everywhere. I want to thank our employees and their families for their solidarity and the effort they have put into maintaining both production and our assets during this difficult period. I also want to thank all of our suppliers and other business partners for their unswerving support during this crisis.”

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