Boralex increased earnings to C$178 million in Q4 2025, up C$9 million from the same period in 2024 as higher production and favourable exchange rates offset lower prices under short-term French power purchase agreements.
Quarterly production rose 18% from Q4 2024 due mainly to favourable wind conditions and newly commissioned sites, the company said.
Net earnings for the quarter reached C$26 million, compared with a $2 million loss in Q4-2024, according to the Corporation.
Six new projects increased installed capacity to 3,783MW, including the Limekiln wind farm in the United Kingdom, the Apuiat wind farm in Canada and the Hagersville battery energy storage system.
Projects totalling 178MW moved to construction or ready-to-build, while 688MW advanced to the secured stage across Canada, the United States, the United Kingdom and France.
Boralex added 1,383MW of new projects to its development portfolio and secured ministerial approval for the Clashindarroch wind farm Extension and adjacent BESS, as well as a CfD for the Sallachy wind farm.
“The year 2025 was marked by significant progress for Boralex. The unveiling of our 2030 Strategic Plan was a major milestone, supported by the commissioning of large-scale projects in our key markets,” said Patrick Decostre, president and chief executive officer of Boralex.
“The commissioning of Limekiln, our first wind farm in the United Kingdom, reflects our expansion in that high-potential market, and the acceleration of our battery energy storage system activities in Ontario exemplifies the ongoing diversification of our portfolio, both geographically and technologically.
“Meanwhile, we also strengthened our financial flexibility with more than $1 billion in financing with major partners. These achievements confirm the soundness of our growth trajectory and our ability to create long-term value across all our markets.”