Boralex aiming at 2.8 GW of renewables in 2023

Canadian renewable energy company Boralex Inc (TSE:BLX) is looking to expand its gross installed and managed capacity to 2.8 GW by 2023 by boosting its wind and solar foothold and developing energy storage projects.

The company on Tuesday presented a strategic plan and financial objectives for 2023 that put a focus on its growth in high-potential markets where it already operates. More specifically, Boralex will target the onshore wind market in Canada and France and the solar segment in France. Additionally, it plans to develop solar projects in the US, where it will start with the New York state market, and gradually add energy storage capacity to its portfolio, which now stands at almost 2 GW.

On the financial side, Boralex aims to develop more partnership projects and enhance its financing sources, specifically with refinancing arrangements in France and Canada. Its goal for 2023 is to have between CAD 140 million (USD 104.7m/EUR 93.5m) and CAD 150 million in discretionary cash flows, representing a compound annual growth rate of 20%, while keeping its dividend distribution ratio at 40%-60% of discretionary cash flow.

The plan also includes initiatives aimed at optimising already operational assets and synergies with recent acquisitions, as well as the potential sale of minority interest in certain future assets.

(CAD 1.0 = USD 0.748/EUR 0.668)

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