Boralex’s Q3 net loss expands to USD 48m

Nov 5, 2014 - Canadian renewables developer Boralex Inc (TSE:BLX) said today its net loss had deepened to CAD 54.3 million (USD 47.5m/EUR 38m) in the third quarter of 2014 from CAD 46 million a year earlier.

The company's pesident and CEO Patrick Lemaire explained that Boralex’s performance was impacted by unfavourable water flow conditions but was in line with the its expectations. The Canadian power producer will pay a quarterly dividend of CAD 0.13 per common share on December 15.

Boralex aims to create a wholly-owned asset base of some 950 MW and start booking annual earnings before interest, tax, depreciation and amortisation (EBITDA) of about CAD 200 million by end-2016. In the July-September quarter, it lifted its EBITDA by 77% on the year to CAD 23.3 million, with EBITDA margin rising to 54.3% from 46%.

Third-quarter revenues from energy sales marked a 49% year-on-year increase to CAD 42.9 million.

In the very near term, Boralex will participate in utility Hydro-Quebec’s call for tenders for 450 MW of wind power capacity, looking to purchase wind farms completed in 2016 and 2017. The company also added it is exploring project development opportunities in the wind, hydropower and solar segments in France and Denmark and the Canadian provinces of Quebec, Ontario and British Columbia.

(CAD 1.0 = USD 0.875/EUR 0.701)

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