Canadian renewables developer Boralex made a net loss in the third quarter of 2021 of C$22m (€15m), wider than the C$8m deficit it reported in the same period last year.
The increase in the loss is attributable to the addition of amortisation and financing costs related to acquisitions and commissionings, the company said.
EBITDA in the period stood at C$81m, up 31% on the C$62m posted last year.
Revenue from energy sales stood at C$126m, a 20% increase on the C$105m last year.
Operating income stood at C$7m, up from C$3m last year.
Power production was also up at 1108 gigawatt-hours in the period, compared with 789GWh in 2020.
Boralex said the increases in production, revenues, EBITDA and operating income are attributable to recent wind acquisitions in the Quebec and solar in the US, the commissioning of wind farms in France and increased production at hydroelectric stations in the US owing to particularly favourable conditions during the quarter.
For the nine months ended 30 September, the company made a profit of C$8m, down 74% on the C$30m profit in 2020.
Revenue from energy sales rose 12% to C$479m from C$426m, while EBITDA was up 14% to C$338m from C$297m.
Power production in the first three months of 2021 stood at 4061GWh, up 25% on the 3259GWh last year.
Boralex chief executive Patrick Decostre said: “Our operating income continued to grow in the third quarter.
“The impact of last year’s acquisitions and commissionings and favourable hydraulic conditions in the eastern US more than compensated for less favourable wind conditions in Canada and France than in the third quarter of 2020.
“Apart from the financial results, a highlight for the quarter was the submission of bids for 800MW of projects under the most recent NYSERDA request for proposals in New York State.
“We expect to learn the outcome of the bidding process in the coming months. We are also proud to have closed our first sustainable financing recently and to have moved forward with the execution of our corporate social responsibility plan.”