Canadian developer Boralex posted its best quarterly performance ever in the first three months of 2016, with power production, revenues and EBITDA hitting historical highs.
Power production stood at 821.1GWh, up from 559.9GWh in the same period last year, while revenues reached $106m, a 46% increase on the $72.5m in the first three months of 2015.
EBITDA touched $80m, up 55% from $51.8m in 2015, while net earnings jumped to $22.5m from $6.7m in the first quarter last year.
The company said the results were driven by eight new sites commissioned in 2015, better wind conditions in France and Ontario, improved water flow conditions at hydro plants in the US and the strengthening of the euro and the US dollar.
Boralex president and chief executive officer Patrick Lemaire said: “Beyond these excellent results, we will continue to develop our pipeline and execute our projects rigorously.
“The enhanced financial flexibility stemming from the recent refinancing arrangements will also help achieve the objective of growing our current installed capacity to 1650MW, a growth of more than 50% by the end of 2020.
The company announced two new wind power projects in Canada, at Port Ryerse in Ontario and Moose Lake in British Columbia.
It added that construction on the 10MW Port Ryerse project with a 20-year contract with IESO will start in the second quarter of 2016.
The company also plans to finance and construct some of the sites that are part of the 350MW portfolio acquired in France at the end of fiscal 2015.
Over 150MW of this portfolio could be commissioned in 2017 and 2018, with 79MW ready to build.
Construction of 57MW is scheduled to start in the second quarter of 2016 with commissioning slated for the second half of 2017, Boralex said.
Image: Boralex
