Boralex has reported EBITDA of C$121m for Q2-2022, up 15% from C$106m in the comparable period in 2021.
The rise is mainly attributable to high electricity sales prices on certain feed-in premium contracts in France.
Here, a legislative project to share with the French State the revenues generated beyond the contract prices is under discussion in Parliament.
During the quarter, Boralex added 117MW of wind and solar projects and 26MW of storage projects to its portfolio.
This included the commissioning of 3 wind farms adding 31MW of capacity in France, and 22MW of wind projects and 49MW of solar projects added from organic growth.
In addition, 82MW of wind projects, 24MW of solar projects and 26MW of storage projects added from the Infinergy acquisition in the United Kingdom on July 4.
Furthermore, 540MW of solar projects and 77MW of storage selected in the New York State call for tender.
Boralex’s president and chief executive officer Patrick Decostre said: “For a second consecutive quarter, we made significant progress in our growth strategy by advancing several ongoing projects and adding new projects to our portfolio, now representing nearly 4GW of power.
“As mentioned in the previous quarter, several European countries have been grappling with significant supply challenges and high electricity prices.
“France is also dealing with historically low nuclear power generation levels, which is widening the pricegap with neighboring European countries.
“Land-based solar and wind farms can be commissioned quickly and at low cost in these markets.
“We are increasing our efforts and discussions with the various levels of government to accelerate our development and offer sustainable renewable energy supply solutions in the affected regions and those targeted for our growth in Europe.
“However, this acceleration must be done in a win-win setting for the countries and producers who invest while inflationary conditions result in a higher level of overall risk.”