Canadian renewables developer developer Boralex has reported a 14% increase in earnings in the first quarter of 2022, compared with the same period last yer
Boralex recorded EBITDA of C$173m (€126m) up from C$151m in 2021.
Net earnings for the period were C$57m, up from C$40m last year.
During the report period, Boralex signed an investment agreement signed and closed with Energy Infrastructure Partners in France for the acquisition of a 30% stake in Boralex’s portfolio of operating assets and projects under development in France.
In addition, Boralex, Hydro-Québec and Energir announced on April 19 equal partnership agreement to developthree 400MW wind projects for a total of 1200MW at the Seigneurie de Beaupré site in Quebec.
Furthermore, three wind projects totaling 65MW were selected in the announcement of the latest wind energy call for tender results in France on 28 February.
Boralex’s president and chief executive Patrick Decostre said: “We were particularly active at the start of the year, as Boralex entered into two major partnerships, one in France and the other in Quebec, which will allow us to accelerate our growth in these high-potential markets.
“In addition, three projects were selected during a call for tenders in France.
“These announcements, combined with the strong growth in our results, show that our teams are totally dedicated to implementing our 2025 Strategic Plan.
“Several European countries have been grappling with major supply challenges and particularly high price levels in recent months.
“France is also affected by a historically low production of its nuclear power plants, mainly due to maintenance and corrosion problems affecting certain reactors.
“Land-based solar and wind farms can be commissioned quickly at low costs and at long-term fixed prices.
“This strategy would ensure that countries making this a priority would have greater energy independence and long-term price stabilization.
“With projects totalling 1830MW under development or construction in Europe and experienced development teams, Boralex is in an excellent position to contribute to the success of such a strategy and accelerate the implementation of solutions in regions affected by energy problems in Europe.”