Boralex, the Canadian leader in renewable energy generation, announced this Friday a strong second quarter of the year financial performance; and the addition of new projects to its portfolio; the company also posted an increase in EBITDA, primarily linked to the contribution of acquisitions and project commissioning.
Firstly, the company reported the addition of 743 megawatts of new projects; out of which 553MW are of wind and solar projects in the United States, Canada and France; these new projects are in the early stage of development.
Secondly, particularly in the U.S., the company added 190 MW of energy storage projects; three projects of which, totaling 31MW, advanced to the “secured” stage of the company’s Growth Path.
Thirdly, Patrick Decostre, President and Chief Executive Officer of Boralex, said. “The contribution of our two most recent acquisitions and our project commissioning was in line with our expectations; and also enabled us to continue growing our EBITDA, despite the unfavorable hydraulic conditions arising from the low level of precipitation in recent months.”
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Boralex increases power generation 41%
Moreover, supported by its strong financial position, the company announced its objective of doubling its installed capacity and reaching a combined EBITDA of $800‒850 million; as well as discretionary cash flow of $240‒260 million by 2025. For these three performance measures, the company would reach a compound annual growth rate of 9 to 15%.
In addition, In regards to the company’s expectations for future quarters, the CEO, said. “We are in the final stages leading up to our project submission for the New York State request for proposals for solar projects. In the coming quarters, we will also continue to seek acquisition opportunities and to implement the various initiatives outlined in our 2025 Strategic Plan; including the optimization of our capital structure and the execution of our corporate social responsibility strategy.”
On the other hand, during the 2Q, Boralex increased its power generation by 41%; generating 1,323 GWh of electricity. The increased is when compared to 2020 levels. According to the statement, the ncrease is attributable to recent acquisitions in the wind sector in Quebec and the solar sector in the United States, as well as the commissioning of wind farms in France.
Finally, the company also reports a net loss of $8 million, for the three-month period ending June 30, 2021, compared to a net loss of $6 million for the corresponding period in 2020. The increase in the loss was attributable to the addition of amortization and financial expenses; related to acquisitions and project commissioning.
