Weather conditions affect Boralex's Q3 performance

Canadian renewables developer Boralex Inc (TSE:BLX) said on Wednesday that its third-quarter (Q3) attributable net loss under IFRS has narrowed to CAD 10.4 million (USD 7.7m/EUR 7m) from CAD 15.4 million a year earlier.

Under proportionate consolidation, the company posted a net loss attributable to shareholders of CAD 16.8 million compared with a deficit of CAD 15.4 million in Q3 2015. Boralex has recorded an 11% decrease in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) under IFRS to CAD 24.6 million. Under proportionate consolidation, adjusted EBITDA declined by 8% to CAD 35.2 million.

Revenues from energy sales were flat at CAD 53.9 million under IFRS and increased by 2% under proportionate consolidation to CAD 66.2 million.

Boralex’s president and CEO Patrick Lemaire explained that these below-than-expected results stem from unfavourable weather conditions.

As at today, Boralex has 224 MW of projects under construction and believes it will meet its target of an asset base exceeding 1,650 MW by the end of 2020. The company expects to commission two wind farms totalling 22 MW by the end of 2016, namely the 10-MW Port Ryerse plant in Ontario and the first phase of the 12-MW Plateau de Savernat wind farm in France.

Boralex added it anticipates to secure the long-term agreements in France associated with indexed feed-in tariff (FiT) for 200 MW to 250 MW of its projects by the end of the year.

(CAD 1.0 = USD 0.742/EUR 0.677)

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