Boralex reported operating profits (EBITDA) of C$151m (€102m) for the quarter ending 31 March 31 2021, an increase on the C$149m achieved at the same time in 2020.
Acquisitions contributed C$29m to EBITDA from CDPQ’s equity interests in three wind farms in Quebec, seven US solar farms, as well as projects commissioning.
During Q1 2021, 180MW was added to the project portfolio comprising 143MW in solar power and 37MW in wind power.
Net earnings, however, fell to C$38m compared to $44m in the first quarter of 2020.
Wind production decreased by 4% compared to Q1-2020 and was 1% below anticipated production.
Discretionary cash flow over the last 12 months was C$142m, in line with the company’s 2023 target of C$140m to $150m.
Looking forward, the commissioning on May 1 of the Bazougeais wind farm in France resulted in an additional 12MW in total installed capacity.
Boralex president and chief executive Patrick Descostre said: “Since the beginning of the year, we have kept the course on our strategic plan and have continued to generate a high level of discretionary cash flow, one of our three financial objectives for 2023.
“Our two most recent acquisitions and projects commissioning were in line with our expectations.
“Wind conditions in France were in line with anticipated production but lower than the exceptionally strong conditions of first quarter 2020.”
Early in 2021, major announcements were made regarding two large-scale projects: the signing of the 200MW Apuiat wind project contract in Quebec (100MW net to Boralex), in partnership with the Innu’s and the favorable decision on the 71MW Moulins du Lohan wind farm project in Brittany, France.