Boralex has reported $91m in earnings before interest, tax, depreciation and amortisation (EBITDA) up $41m compared with the same period in 2022.
Net earnings improved by $54m in Q3 2023 compared to Q3 2022.
The increase is mainly attributable to the commissioning of assets, good performance of comparable wind farms in France as well as to the integration of the wind farms acquired in the US in late 2022.
Patrick Decostre, President and Chief Executive Officer of Boralex, said: “The increase in earnings for the quarter is mainly attributable to the contribution of the wind assets acquired in the United States for the North American sector and the wind and solar farms commissioned in France for the European sector.
“The European sector also benefited from favourable production for comparable wind assets.
“These elements more than offset the pressure on earnings from particularly unfavourable wind conditions in Canada.
“The third quarter was also marked by the progress made on three major projects under construction or at the ready-to-build stage: the Apuiat wind farm in Quebec, the two storage projects in Ontario and the Limekiln wind farm in Scotland.
“Those projects have high expected returns surpassing our threshold and are progressing on schedule.”
Projects under construction or at the ready-to-build stage include completing $608m in financing for the 200MW Apuiat wind farm in Quebec, 50% owned by Boralex.
Work is under way and commissioning is planned for the end of 2024.
Boralex also has a contract for difference has been obtained at the August 2023 request for proposals for the Limekiln 106MW wind farm project in Scotland.
Work started in late October and commissioning is planned for the end of 2024.
The company said 509MW has been added to the early and mid-stages of its project pipeline, comprising 244MW in early stage projects (six new solar projects and one storage project in North America and two solar projects in Europe) and one 265MW mid-stage wind project in North America.
Boralex also said that 200MW of solar projects in the state of New York has moved from secured phase to advanced phase.
The company is evaluating the possibility to rebid these projects in upcoming requests for proposals.