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.