Wind farm in Canada. Image by: Boralex (www.boralex.com).
Reporting third-quarter results on Friday, Canadian renewable power producer Boralex Inc (TSE:BLX) highlighted an increase in operating income to CAD 7 million (USD 5.6m/EUR 4.9m) from CAD 3 million in the third quarter of 2020.
Power generation jumped 40% year-over-year to 1,108 GWh, while revenues from energy sales rose 20% to CAD 126 million.
The company said the increases reflect the effect of last year’s acquisitions and commissionings and good hydraulic conditions in the eastern US, which more than offset less favourable wind conditions compared to a year ago in Canada and France.
Net loss attributable to Boralex shareholders, however, swelled to CAD 20 million from CAD 6 million, due to the addition of amortisation and financing costs related to acquisitions and commissionings, according to the results’ release.
Looking ahead over the coming quarters, president and chief executive Patrick Decostre said the company will continue to assess potential acquisitions and work on initiatives related to its 2025 Strategic Plan such as optimising its capital structure and executing its corporate social responsibility (CSR) strategy.
The company also pointed out it has submitted bids for 800 MW of solar projects in New York State and expects the results in the coming months.