Renewables developer Boralex has recorded a rise in earnings before interest, tax, depreciation and amortisation (EBITDA) to C$169m (€110m) in its first quarter results, driven by a 38% increase in wind power output in France.
EBITDA for the first quarter of 2020 rose 10% on C$154m recorded in the same period last year.
Discretionary cash flows were C$68m for the first quarter of 2020, up 59% on the same period in 2019.
Boralex chief executive Patrick Lemaire said: “The growth in our results reflects the strong increase in wind power production in France and the contribution from four wind farms and two hydroelectric power stations totalling 95MW commissioned in 2019.
“For the second consecutive quarter, comparable production at our wind farms in France was considerably higher than in the corresponding period last year and anticipated production.”
Total power production rose 9% to 1837 megawatt hours across the company’s fleet in the first quarter of 2020 compared with 1679MWh in the first quarter of 2019.
Highlights in the quarter include 250MW of projects selected in calls for tenders, comprising 180MW of solar in the US state of New York and 70MW of solar and wind awarded in France.
The company’s development pipeline stands at 2593MW.
Lemaire said: “The first quarter of 2020 was also the period in which COVID-19 spread rapidly around the world, with a devastating impact on the lives of people everywhere.
“I want to thank our employees and their families for their solidarity and the effort they have put into maintaining both production and our assets during this difficult period. I also want to thank all of our suppliers and other business partners for their unswerving support during this crisis.”
He added: “We are very proud of having been selected in request for proposals in France and New York State, in the US for solar and wind projects totalling 250 MW.
“We are actively pursuing the development of our portfolio of projects and with our strong balance sheet and cash flows we will not only be able to get through the current crisis but also taking advantage of interesting acquisition or partnership opportunities that could arise in the coming months.”