Boralex books wider loss in Q3

Canadian renewables developer Boralex Inc (TSE:BLX) said today its net loss attributable to shareholders has widened to CAD 16 million (USD 12.6m/EUR 10.8m) in the third quarter of 2017 from CAD 10 million a year back.

The deterioration mainly reflects an increase in amortisation and financing costs due to an expansion in the operating asset base, according to the company's interim report. Since August 2016, Boralex has acquired or commissioned assets representing an additional installed capacity of 308 MW.

Aided by the capacity expansion, Boralex generated 605 GWh in the quarter, a year-on-year rise of 32%. Generation at existing facilities grew 12% due mainly to improved production at US hydropower stations and French wind farms which compensated for lower generation at Canadian wind farms.

Revenues from energy sales were up 38% to CAD 74 million and the company lifted its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) by 59% to CAD 39 million.

Boralex said its board has today approved the launch of three wind projects in France totalling 55 MW, which are slated for commissioning in 2019. It has a target of reaching 2 GW of capacity by the end of 2020.

In the nine-month period, the company recorded a net loss attributable to shareholders of CAD 1 million, versus net earnings of CAD 4 million a year back. Revenues from energy sales grew 27% to CAD 285 million.

The figures are under IFRS. The company also provides results under proportionate consolidation.

(CAD 1 = USD 0.789/EUR 0.677)

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