Boralex is aiming to double its renewables capacity by 2025 as part of its updated strategic plan at its 2021 Investor Day.
The company continues to build on the four key strategic directions of the plan launched in 2019: growth, diversification, customers, and optimisation.
By 2025 the developer aims to double the installed capacity under management from 2.2GW at the end of 2020 to 4.4GW by 2025 and reach 10-12GW by 2030, be the “leading CSR reference for partners by going beyond renewable energy” and achieve $800-850m in combined EBITDA by 2025, an annual increase of 9–11%, or 10–12% when normalising for exceptionally strong wind conditions in 2020.
Focusing on these key areas will allow for accelerated development of the wind and solar portfolios in the high-potential markets already targeted by Boralex and in new markets in Europe and the United States, while also creating the opportunity to introduce energy storage, the developer said.
Highlights of the strategic plan include significantly increasing the share of solar power in the asset and project portfolio and make a “breakthrough in storage”.
Boralex will also position the United States as its primary market for development and diversify its geographic presence in Europe and other US states.
The company will also accelerate the wind power development in Canada and expand its existing customer base to directly supply electricity consuming industries interested in improving their climate and societal footprint.
“We are proud of the work our team has accomplished in preparing this ambitious plan that will allow Boralex to accelerate its development initiatives in the high-growth renewable energy sector.
“This development will be carried out in a disciplined manner and with the utmost respect for environmental, social and corporate governance criteria, as our strategic plan integrates our corporate social responsibility strategy.
“Our goal is to become the leading CSR reference for our partners over the next few years by going beyond renewable energy,” said Patrick Decostre, president and CEO of Boralex.