Boralex has reported EBITDA of CN$50m (€37m), for the third quarter of 2022, down CN$31m from CN$81m in the same period in 2021.
The developer recorded an operating loss of CN$31m for the third quarter of 2022, a decrease of CN$38m compared to operating income of CN$7m in the same period in 2021.
Boralex attributed the decrease in quarterly results to the recognition of a provision following the enactment of the new 2022 Supplementary Budget Act in France on 16 August, of which CN$28m relates to revenues generated in the first half of 2022.
In the third quarter of 2022 the company added 600MW of energy storage projects in preparation for the upcoming request for proposals next January in Ontario, Canada.
It also added a 36MW wind project and four solar projects totalling 75MW from organic growth in France.
Around 139MW of wind and solar projects transitioned to the ready-to-build stage in the third quarter.
Boralex also commissioned the Bougainville Repowering wind farm with a total installed capacity of 18MW, an increase of 6MW over its pre-repowering capacity, in the third quarter.