Canadian renewables developer Boralex recorded net earnings of $15.9m in the first half of 2016, up from $1m in the same period last year.
Revenue from energy sales was also up during the period to $171m, compared with $130.7m in the first six months of 2015.
The company’s output stood at 1387GWh from January to the end of June, up from 1084GWh last year.
Boralex said it benefited from the contributions of six new facilities commissioned in the second half of 2015, as well as favourable changes in the euro and the US dollar.
The increases came despite less favourable weather conditions at existing wind facilities in France and Canada and at its hydro power sites in the US, the company said.
Boralex president and chief executive officer Patrick Lemaire said: “Our key financial indicators showed growth even if our production volumes have been impacted by the vagaries of the weather and the typical seasonal factors seen for the second quarter.
“With respect to our projects currently under development, we continue to maintain our rigorous approach in their execution, both from a timeline, as well as from a budget standpoint, while we continue to develop our pipeline.”
Boralex said it recently started construction on the 10MW Port Ryerse wind farm in Ontario and the 14MW Moose Lake project in British Colombia, which are slated for commissioning at the end of 2016 and in 2017, respectively.
It is also working on the 19MW Otter Creek wind farm in Ontario, which is expected to be commissioned in 2019, and the 16MW Yellow Falls hydro project in the same province with a 2017 completion date.
The company added that it also closed financing of €20.4m for the Plateau de Savernat and Avignonet II wind farms in France.
Image: Boralex
