Canadian energy company Boralex made a net loss of C$44m (€30m) in the third quarter of 2019, wider than the C$37m loss the company made in the same period of 2018.
Boralex said power production was 10% lower than anticipated in the period, with poor wind conditions in Canada leading to a 7% decrease in output on last year.
However, both revenue and earnings grew in the quarter compared with 2018.
Revenue was C$113m, up from C$93m, while earnings before interest, tax, depreciation and amortisation (EBITDA) stood at C$70m, rising from $51m last year.
Power production grew to 920 gigawatt-hours, up from 721GWh, helped by favourable wind conditions in France and new projects coming online.
In the first nine months of the year, Boralex made a loss of C$28m, which was an improvement on the C$47m loss in the first three quarters of 2018.
Revenue was up at C$475m from C$371m, while EBITDA grew to C$327m from C$233m.
Output hit 3866GWh, rising from 2875GWh last year.
Boralex said it is continuing to work on its strategic plan, which was first announced in June.
The company said wind power remains its “top growth vector”, accounting for 88% of Boralex’s installed capacity.
Based on company analysis, wind represents a total market potential of almost 10.9GW, while its portfolio of projects at various stages of development totals 2375MW.
The potential market for the solar power amounts to about 20GW, Boralex said.
The company intends to “substantially strengthen its presence in this segment” which currently amounts to 630MW of its portfolio of projects.
Boralex had 2006MW of installed capacity at the end of September, up 64MW on the start of the year.