Montreal-based independent power producer Boralex updated the status of its Canadian-based wind farms during its quarterly earnings release.
‘Construction of Phase I of the Seigneurie de Beaupre wind farms is still on schedule despite a one-week work shutdown caused by a general strike in Quebec's construction industry last June,’ notes Patrick Lemaire, Boralex president/CEO. ‘The first 272 MW will be commissioned in December 2013, followed by an additional 68 MW with the Phase II in December 2014.’Â
He adds that construction is expected to begin on the Temiscouata I wind farm, also located in Quebec, in the third quarter.
The company, which also develops wind farms in France, reported a 23% increase in earnings before income taxes, interest and amortization for the quarter ended June 30. The company also reported revenue from energy sales increased 3% to C$40.1 million, compared to $38.9 million in the same period last year.
Boralex attributes the improvement to the contribution of the St-Patrick wind farm in France acquired in June 2012, as well as from better wind conditions in Canada and more favorable water flows in the U.S., which more than offset the impact of the shutdown of operations at the Kingsey Falls, Quebec thermal power station.
Boralex, which operates an asset base with an installed capacity of almost 500 MW in Canada, the northeastern U.S. and France, notes its wind projects will significantly influence its asset profile in the next few years.