New capacity, high revenues help Boralex cut Q2 loss

Wind farm in Canada. Image by: Boralex (www.boralex.com).

August 9 (Renewables Now) - Canadian renewables developer Boralex Inc (TSE:BLX) on Thursday reported a smaller net loss for the second quarter of 2019, benefitting from newly-commissioned capacity in the past 12 months and increased revenues from energy sales.

The company closed the April-June quarter with a net loss attributable to its shareholders of CAD 13 million (USD 9.8m/EUR 8.8m), narrowing from CAD 28 million a year earlier recorded under IFRS accounting standards. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to CAD 83 million from CAD 57 million and revenues from energy sales jumped to CAD 121 million from CAD 95 million. Those improvements were attributed to contributions from newly acquired or commissioned power capacity in Canada and France, as well as increased wind and hydropower generation.

The table below contains Boralex’ results under IFRS for the second quarter and the first half of 2019.

Results in CAD million, unless specified Q2 2019 Q2 2018 H1 2019 H1 2018
Revenue from energy sales 121  95 293  247
EBITDA 83  57 214  161
Net pprofit (loss) (15)  (33) 16 (10)
Net profit (loss) to shareholders (13)  (28) 16 (8)
Cash flow from operations 113 52 178 162
Power generation (GWh) 1,009  775 2,293  1,872

Boralex’s power plants produced 1,009 GWh in the second quarter, up from 775 GWh in the year-ago period. In Canada, its wind farms, including recently acquired assets, benefitted from favourable wind conditions and boosted their output by 17% on the year. Its French wind parks registered a 59% year-on-year jump in production, while generation from hydropower facilities in the US and Canada climbed by 32% on the year and was 18% above anticipated production.

Wind is currently the “top growth sector” for the company, with 2,050 MW of projects at various stages of development. Its solar project portfolio, meanwhile, totals 450 MW. Having 2,003 MW of installed power plants at end-June 2019, Boralex intends to lift that capacity to 2,085 MW at end-2020, it said.

(CAD 1.0 = USD 0.756/EUR 0.675)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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