Canadian company Boralex is aiming to have 2800MW of installed renewables capacity by 2023, up from just under 2GW currently,
Boralex unveiled the target as part of its strategic plan and financial objectives for 2023.
It said the company would target renewables growth in markets where the company is already active, including France.
Major wind projects in Canada are in the pipeline for when there is a more favourable political and energy environment in the country, the company added.
Boralex also plans to ramp up solar developments in France and the US, with a particular focus on New York state.
The company will also look to sign supply contracts with large electricity consumers.
It has set a target discretionary cash flow of $140-$150m in 2023, with a compound annual growth rate of about 20%.
Boralex president and chief executive Patrick Lemaire (pictured) said: “The plan announced today is built around the corporation’s ongoing development in sectors with high growth potential and where the corporation excels, while also initiating the deployment of new sources of revenue.
“Given the energy transition that is now underway, we have devised this plan with the whole management team, our employees and our partners, and with full respect for our corporate culture and values.
“I’m very proud of it, and I can assure you that we have already started to set things in motion to make this plan come to fruition for the benefit of our shareholders and other stakeholders.
“Boralex has acknowledged expertise and a major competitive advantage in the development of small and midsize projects.
“We are used to managing projects where the development process is more complicated than average.
“These are important characteristics that allow us to distinguish ourselves in more competitive markets, notably in the development of solar projects,”