The end of fiscal 2022 has seen Boralex beat the 3GW of installed capacity mark for the first time.
The year also saw the company increase cash flows, add projects to its portfolio and maintain a solid balance sheet.
Boralex passed the landmark after acquiring a 50% interest in five US wind farms for an installed capacity of 447MW in December.
The Canadian player also commissioned three French projects for an additional 90MW, comprising the 65MW Moulins du Lohan wind farm, the 13MW repowering of Mont de Bezard 2 and the Grange du Causse solar site. Boralex also added solar and wind projects totalling 137MW to the preliminary phase of the development portfolio.
The year saw the company record a 4% EBITA(A) rise in the fourth quarter, with a 3% rise in fiscal 2022. The fourth quarter saw it rake in $158m, a $6m increase over its 2021 figures.
“Fiscal 2022 was marked by a significant increase in our generating capacity and project portfolio,” said Boralex president and chief executive officer Patrick Decostre (pictured).
“We crossed the milestone of 3GW in installed capacity and our portfolio of projects under development totals 5.5GW, 81% more than in 2020, which is the base year for our 2025 strategic plan.
“In a context where the energy transition needs to accelerate even faster to meet the short and medium-term shortfalls in generating capacity anticipated in many markets, our 30 years of experience in renewable energies, combined with our team’s drive and their thorough grasp of our markets, give us a clear competitive edge.”