Canadian developer Boralex reported revenue from energy sales up 24% to $168m in the first three months of 2018, compared with $136m in the corresponding period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased in the latest quarter to $114m from $97m in 2017.
Net earnings grew to $23m this year up from $15m between January and March 2017.
The improved financial showing was boosted by increased output, which topped 1.2 gigawatt-hours in the period – a 13% increase on last year.
Wind farms acquired and commissioned last year and more favourable wind conditions in France were behind the higher output, the company said.
Boralex president and chief executive Patrick Lemaire said: “All the facilities acquired and commissioned during fiscal 2017 contributed to results for the full quarter.
“We made significant progress with the closing of financial agreements, particularly for $200m in long-term subordinated debt financing with the Caisse de depot et placement du Quebec and the Fonds de solidarite.
“Such support from the financial markets, combined with the fact that we can count on stable and predictable cash inflows under long-term power sales contracts, provides us with the financial capacity required to complete all of our projects and achieve our growth objectives.”
Image: Borale
Boralex revenue jumps 24%
By EBS