Boralex recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of C$83m (€56m) in the second quarter of 2019, up 44% on the same three months last year.
In the company’s latest results, revenue from energy sales totalled C$121m, up from C$95m in the second quarter of 2018.
The company attributed contributions from wind sites acquired and commissioned in the past 12 months, as well as higher revenues from energy sales at existing sites, to the increase in energy revenues, EBITDA and net earnings.
Boralex chief executive Patrick Lemaire (pictured) said: “These second quarter results show that we have adopted the right approach in our strategy for growth and diversification in promising segments of the renewable energy sector.
“In addition to the contribution from sites acquired and commissioned in Canada and France, the improved results stem from significant production increases at our comparable wind farms in Canada and France, and at our hydroelectric power stations.”
In the second quarter of 2019 Boralex’s total power output, including the compensated volume from the Niagara Region wind farm in Ontario grew 30% in the second quarter of 2019 compared with the corresponding quarter last year.
In the wind power segment, Canadian wind conditions were favourable in the second quarter, driving a 13% increase in production volume at existing sites, compared to the same period last year.
Including the commissioning of the Moose Lake wind farm in April and the acquisition of the Invenergy interest in five wind farms in September 2018, production volume in the Canadian wind power segment was up 17% for the second quarter of 2019, compared to the same quarter a year earlier.
In France, conditions in the second quarter 2019 improved over the comparable quarter of 2018. Production volume at existing wind farms was up 13% compared with the same period last year.