Boralex has reported a significant increase in earnings in the fourth quarter of 2023 and for fiscal year 2023.
The company’s EBITDA reached $202m for fourth quarter 2023 and $578m for 2023 as a while, up 28% and 15% from the same periods in 2022.
Operating income reached of $98m in the fourth quarter of 2023 and $226m for fiscal year 2023, net earnings of $58m in the final quarter of 2023 and $115m for 2023, compared to a net loss of $7m in the last quarter of 2022 and net earnings of $8m for fiscal year 2022.
The company also end the year with around $550m in available cash resources and authorised financing.
Boralex said the increase is mainly attributable to strong wind farm performance and the commissioning of assets in France, as well as the integration of the wind farms acquired in the US in late 2022.
The developer commissioned two wind farms in France totalling 27MW and added another two French projects totalling 29MW to its growth path, with another 133MW added in North America.
In the pipeline is the 200MW Apuiat project in Quebec, which is 50% owned by Boralex. Work is ongoing with commissioning planned for late 2024.
It also has the 106MW Limekiln wind farm in Scotland, with working starting in October 2023 and commissioning planned for late 2024.
In addition, Boralex has 380MW of storage projects in Ontario. Battery procurement contracts were signed in late 2023 and commissioning is planned for 2025.
Another 454MW was added to early-stage project pipeline, of which 325MW is for a wind project and a storage project in North America and 129MW is shared across five solar and two wind projects in Europe.
“The fourth quarter results also reflected good energy availability following maintenance optimization and more favourable wind conditions in France as well as tight cost management overall. I want to thank the Boralex teams for their dedication and for the significant progress achieved this year,” said Boralex president and chief executive Patrick Decostre.