in News Departments > New & Noteworthy
print the content item

Boralex Inc., a Canada-based power producer whose core focus is on the development and operation of renewable energy, says new assets commissioned over the past 12 months helped increase its performance in the second quarter of this year (Q2'14).

For example, the company saw a 34% rise in its energy production. Furthermore, revenues from energy sales totaled $53.8 million, up 34% from $40.1 million for the same period last year. Second-quarter EBITDA also rose 34% to $32.2 million, and adjusted cashflows from operations amounted to $12.2 million, compared with $9.4 million in Q2'13.

The company’s recently commissioned assets include the following: Phase I of the Seigneurie de Beaupre wind farm in Quebec (Boralex's net share is 136 MW), the Jamie Creek hydropower station in British Columbia (22 MW), and the La Vallee (32 MW) and Vron (8 MW) wind farms in France. Besides the newly commissioned assets, the company says its improved results also stemmed from favorable changes in exchange rates.

"The quarterly results, coupled with the recently announced financing arrangements, will favorably position Boralex to take advantage of new growth opportunities,” says Boralex President and CEO Patrick Lemaire. “We will continue to sustain the level of excellence that has allowed us to complete our projects on budget and on schedule."

Boralex says it has set a financial and strategic target of establishing a wholly owned asset base of approximately 950 MW and reaching an EBITDA of $200 million by the end of 2016. The company notes that it intends to take part in Hydro-Quebec’s call for tenders for 450 MW of wind power to be delivered between 2016 and 2017. Boralex is also exploring other development possibilities, particularly in Ontario, British Columbia and France.




Advertisement

Trachte_id2056
Latest Top Stories

Slow Turning: What's Stopping Individual Blade Pitch Control From Wider Acceptance?

Advances have made it feasible for wind turbine blades to adjust individually. However, other factors are preventing the technology's widespread use.


Deepwater Hits Financial Close For Block Island Wind Farm, Expects Summer Construction

The Providence, R.I.-based offshore wind developer becomes the first to financially close on a U.S.-based offshore wind project.


More Investors Entering Tax Equity Market; Returns Holding Steady

The entry of new tax equity investors to the wind space last year re-ignited an old debate.


Report: Top 10 Turbine OEMs Had Record Year In 2014

Preliminary findings suggest Vestas reigned supreme again among the world's leading wind turbine makers. How did some of the other OEMs fare?


AWEA's Gramlich To FERC: Additional Transmission Needed Regardless Of Clean Power Plan

To further build a more balanced and reliable electricity portfolio, the U.S. needs to build more transmission capacity.

Hybrid Energy Innovations 2015