Boralex made a net loss of C$6m (€4m) in the second quarter of 2020, an improvement on the C$15m loss it made in the same period last year.
EBITDA rose slightly in Q2 to C$86m, compared with C$83m in 2019, while revenue was the same as last year C$121m.
However, power production was down to 937 gigawatt-hours (GWh) from 1009GWh.
The decrease was due to 15% lower production in the hydroelectric segment, and to planned downtime of the Senneterre power station in Quebec
Boralex president and chief executive officer Patrick Lemaire (pictured) said the growth in results stemmed from increased wind power production in Canada, 7% higher than expected, and many operational and financial optimisation initiatives put in place over the past year.
“During challenging times of Covid-19, our teams across the company remained highly motivated and brought to work their greatest efforts and ingenuity to maintain our business operations and ensure the current and future growth of Boralex,” he said.
Lemaire added that the company is “actively pursuing the development of our project pipeline, which grew by 103MW during the quarter, and submitting our projects to calls for tenders in France and New York State”.
He said: “We see strong potential in these two target markets given the public statements made by various levels of government about structuring recovery plans which are based on the accelerated development of renewable energy.
“We’re also counting on our strong financial position to take advantage of opportunities for accretive acquisitions or partnerships that could arise in the coming months.”
In the six months to the end of June, Boralex made a profit of C$38m, up from C$16m in 2019.
Revenue and EBITDA also both rose to C$321m and C$235m, respectively, from C$293m and C$214m.
The increases stem both from the expansion of the corporation’s operating base and the higher production by wind farms in France due to more favourable wind conditions in the first quarter compared to the previous year.