Boralex announces the election of its directors and highlights of its Annual Meeting of Shareholders
Montreal (Canada), May 11, 2022 – Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) held its annual meeting of shareholders earlier today. During the online meeting chaired by Alain Rhéaume, Chairman of the Board, shareholders elected directors and adopted the resolutions proposed. The retirement of Mr. Edward H. Kernaghan, a director of the Company for the past 15 years, and his significant contribution to Boralex were also highlighted.
Mr. Rhéaume opened the meeting with congratulations to Boralex’s teams on the outstanding achievements of 2021, including the updating of the strategic plan with the adoption of ambitious objectives, success in getting several projects selected under calls for tender in North America and Europe, securing a first sustainability-linked loan and the partnership recently formed with Energy Infrastructure Partners (EIP) through EIP’s acquisition of a 30% stake of Boralex’s French operations. All of this was accomplished in the midst of a leadership transition, with Patrick Decostre succeeding Patrick Lemaire as President and Chief Executive Officer.
Highlights of speeches from the Executive Team
Boralex’s President and Chief Executive Officer, Patrick Decostre, described the context in which Boralex is currently evolving and will evolve in the coming decades. On the one hand, in the face of the enormous and glaring challenge of climate change, Mr. Decostre called for immediate action and commitments to limit global temperature rise to 1.5 degrees. On the other hand, he addressed economic issues, including supply chain issues and the accelerating electrification of transportation. Mr. Decostre argued that for these forces to develop in harmony, not in conflict, we must capitalize on renewable energy.
Mr. Decostre underscored the work accomplished in 2021 in implementing the Company’s robust corporate social responsibility (CSR) strategy, as well as the publication of a second CSR report that included expanded discussion of Boralex’s key indicators, policies and business processes. He closed his remarks with a description of the considerable progress Boralex had made in implementing its 2021‒2025 strategic plan over the past year, reiterating in particular the significance of the partnership with EIP.
The Vice-President and Chief Financial Officer, Bruno Guilmette, presented the fiscal highlights of fiscal 2021. Apart from the financial results, Mr. Guilmette expressed who pleased he was that the Company had entered into its first sustainability-linked loan. In September 2021, Boralex secured an extension of its revolving credit facility and letter of credit facility, to September 2026, for a total of $525 million. The credit facility qualified as a sustainability-linked loan, meaning that it was based on performance targets linked to environmental, social and governance (ESG) criteria.
Mr. Guilmette also presented the key financial results for the first quarter of 2022, which he said were “excellent” and “impressive” thanks to rigorous execution of the strategic plan and the favourable context. During the quarter, Boralex generated 1,681 GWh (1,875 GWh)1 of electricity, up 3% (2%) from the corresponding quarter of 2021. As a result, EBITDA(A)2 increased by 14% (13%) over the first quarter of 2021 to $173 million ($183 million). Operating income totalled $91 million ($105 million), up 18% (16%) from the same quarter in 2021. Finally, discretionary cash flow3 was $77 million, up 28% from the first quarter of 2021.
Election of directors
All nominees proposed in the Management Proxy Circular dated March 3, 2022, were elected directors of Boralex. The results of the vote by ballot were as follows:
The final voting results on all questions submitted to a vote at the Annual Meeting will be filed with SEDAR (www.sedar.com).
At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to 2.5 GW. We are developing a portfolio of more than 3 GW in wind and solar projects and nearly 200 MW in storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.
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- The figures in brackets indicated the results according to the Combined3, compared to those obtained according to the Consolidated
- EBITDA(A) is a total of segments measure. For more details, see the Non-IFRS financial measures and other financial measures section of the 2022 Interim Report 1.
- The terms, Combined and Discretionary cash flow are non-GAAP measures and do not have a standardized meaning under IFRS. Accordingly, they may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section in the 2022 Interim Report 1.
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