Canadian energy company Boralex reported improved earnings and revenues in 2019, but made a net loss of C$43m (€29m) due to what it called “unusual charges” in the fourth quarter.
Revenue reached C$687m last year, up from C$549m in 2018, while EBITDA in 2019 grew to C$492m from C$354m.
The increases were due to both the expansion of the company’s operating base since the start of 2018 and more “favourable conditions for comparable wind and hydroelectric power facilities”.
Output was 5544 gigawatt-hours in 2019, rising from 4305GWh in the previous year.
This was the result of “contribution from sites acquired or commissioned”, the company said.
However, Boralex made a loss of C$43m in 2019, which was wider than the loss of C$38m in the year before.
The company put the loss down to unusual charges totalling C$58m in the fourth quarter.
A charge of C$51m is attributable to a “re-assessment of amounts recorded” for the Moulins du Lohan wind farm project in France.
The charge reflects a “decrease in the value of a power sales contract following receipt of a notice from the Ministry for the Ecological and Inclusive Transition of France stating that the type of contract in question for this wind farm was no longer available because the goal of the CR-2016 support programme would soon be reached”, Boralex said.
To obtain an energy sale contract for the project the company must now submit a proposal under one of the upcoming calls for tenders in France.
“This situation stems from the significant delays caused by the interruption, contested by Boralex, of construction of the wind farm,” Boralex said.
In July 2017, the Administrative Tribunal of Rennes cancelled the construction permits for the project.
Boralex was then successful in an appeal in March last year against the decision.
However, the successful appeal has been challenged and final decision now expected by the end of the year, the company said.
Another unusual charge is C$13m related to a $1.7bn refinancing arrangement in France, while there was also an unusual gain of $6m related to the sale of some land in Scotland.
At the end of 2019, Boralex had installed capacity totalling 2040MW, an increase of 98MW on the beginning of the year as a result of the commissioning of four wind farms and two hydroelectric power stations.
The company said it is on target to have a total of 2800MW installed by the end of 2023.