Boralex’s net earnings were $7m in the third quarter of 2024, $6m down on the same period in 2023 due to lower wind production.
EBITDA, operating income and net earnings were all under pressure in the third quarter of 2024 due to adverse wind conditions in Canada and France as well as increased curtailments at certain wind farms.
EBITDA was $87m, down $3m from the same period of 2023, with the decrease in production partially offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimisation strategy.
Highlights include signing of a 15-year corporate power purchase agreement (PPA) with Nestle France for a facility commissioned in 2024 and two schemes included in the corporation’s project pipeline as well as the signing of a 20-year corporate PPA with Saint-Gobain for two solar sites and one wind array included in the corporation’s pipeline.
Boralex president and chief executive Patrick Decostre said: “We are pleased to report on the substantial developments within our secured project pipeline.
“Construction is proceeding apace at our Apuiat and Limekiln wind projects in Québec and Scotland, with commissioning of both projects planned for later this year.
“We have also commenced construction on our Hagersville and Tilbury storage projects in Ontario, which are scheduled for commissioning at the end of 2025.
“These developments confirm our teams’ ability to successfully execute projects on time in a variety of geographical settings, which bodes well for future projects.
“This quarter, Boralex recorded a low level of production owing to adverse weather conditions in both Canada and France.
“In the past few years we have seen the volatility of the resource in our segment grow from quarter to quarter, which makes it more difficult to plan and manage production without however affecting mid to long term annual production forecasts.
“The fluctuating weather conditions underscore the need to diversify both geographically, notably in the UK and technologically in order to strengthen the resilience of our business and ensure more stable production.
“We are also working to optimize our revenues by diversifying our electricity selling price optimization strategy, and on that front we are very proud to announce the signature of two corporate power purchase agreements in France with leading industrial players Nestlé and Saint-Gobain.”