Boralex posted C$137m (€90m) in earnings before interest, tax, depreciation and amortisation (EBITDA) in the fourth quarter of 2020 down 4% on the same period in 2019.
In Q4 2020, Boralex generated 1468 gigawatt hours of power, an increase of 8% compared to 1364GWh in the same quarter in 2019, a result of more favourable conditions in Canada’s wind and hydroelectric sectors, as well as the acquisition of the CDPQ’s equity interests in three Boralex wind farms in Quebec.
Canadian wind power generation was 34% higher than in the fourth quarter of 2019 and 27% higher than anticipated.
Wind power production in France was comparable to the production in the fourth quarter of 2019, but 6% higher than anticipated production, Boralex stated.
For the three-month period ended December 31, 2020, revenues from energy sales totalled C$193m up 8% compared to the same quarter in 2019.
Boralex president and CEO Patrick Decostre said: “I’m very proud of our employees’ hard work during the unusual fiscal year in 2020.
“The 22% growth in our discretionary cash flows, the announcement of two major acquisitions and the addition of many projects to our Growth Path are perfectly aligned with our strategic plan and financial objectives for 2023.
“The fiscal year 2020 also marks the beginning of a major project that will highlight our social responsibility business practices and approach to improving these practices.”
Decostre added: “We continue to be very active in pursuing development and growth opportunities in our target markets, particularly in North America.
“We’re also seeing encouraging signs of a resumption of wind energy development in Quebec following a 30-year electricity sale contract signed for the Apuiat project, which has an installed capacity of 200MW, to be developed in collaboration with Innu communities in Quebec.
“The Hydro-Quebec Electricity Supply Plan published in October 2020 forecasting to take steps within the next year to acquire new energy supplies, as well as the Quebec Government Plan for a Green Economy, released shortly after, are positive elements for the wind energy development on Quebec’s territory.”