New capacity and favourable wind conditions helped boost Boralex net earnings 30% in the first quarter of 2019, compared with the same period of 2018.
The Canadian energy company posted net earnings of $26m in the first three months of the year, up from $20m last year.
Boralex generated 1669 gigawatt-hours in the period, rising from 1203GWh in 2018.
Production from wind energy in Canada was up 14% on last year and 8% higher than anticipated, while output in France was down 5% but was still 5% higher than expected.
Revenue from energy sales was $214m in the first quarter of 2019, up from $168m in 2018.
Boralex president Patrick Lemaire said: “The improved results were largely driven by assets acquired and commissioned over the last 12 months.
“Power generated by interests acquired from Invenergy in September 2018 was 31% higher than the anticipated production for the quarter.
“This performance as well as the growth reported by comparable wind farms stemmed from excellent wind conditions in Canada, particularly in Quebec.”
He added that the company will reach a 2GW installed capacity target in the coming months, one year ahead of schedule. Installed capacity currently stands at 1977MW.
A further 108MW will be added this year and next, the company said.
“As we mentioned at the end of fiscal 2018, we’re in the process of updating our strategic plan,” Lemaire (pictured) said.
“Our focus is to identify high potential development opportunities, remain disciplined and leverage the expertise that has contributed to our success up to now. We’ll be ready to announce the outcome of this process on June 18, 2019,” he added.