Strong winds, new assets boost Boralex Q1 results

Wind farm in Canada. Image by: Boralex (www.boralex.com).

May 8 (Renewables Now) - Boralex Inc (TSE:BLX) recorded a 30% year-on-year increase in net profit to CAD 26 million (USD 19.3m/EUR 17.2m) in the first quarter of 2019 benefitting from the new capacity added over the past year, favourable wind conditions in Canada. 

The Canadian renewable energy company said Wednesday it produced 1,274 GWh during the first three months of the year, versus 1,055 GWh in the same period of 2018. Excluding newly acquired assets, production increased by 3% year-on-year. Strong winds in the home country led to an 8% jump in production at comparable wind farms. By contrast, assets in France produced less power.

Details on the company’s first quarter results are presented in the table below. The Combined amounts reflect interest not counted under IFRS.

In millions CAD, unless specified Q1 2019 Combined Q1 2018 Combined
Generation (in GWh) 1,274 1,669 1,055 1,203
Revenues 172 214 152 168
Adjusted EBITDA 131 154 104 114
Net profit 26 26 20 20

Boralex currently owns 1,977 MW of installed capacity. It will reach 2,085 MW, excluding new projects that may materialise from the company’s pipeline, by the end of 2020.

(CAD 1.0 = USD 0.74/EUR 0.66)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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