Boralex generates strong results for the fourth quarter of 2017

by pmnationtalk on March 2, 2018347 Views

The Corporation ends the year well positioned to complete the next stages of its growth strategy

Montréal, March 2, 2018 – Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) announces improved operating results for the year ended December 31, 2017 compared with the previous year. Driven in particular by the strong performance of all of its power generation facilities in the fourth quarter, the Corporation ended the year with a 38% growth in revenues from energy sales and a 46% increase in EBITDA(A) compared with 2016. These increases were mostly attributable to the contributions of sites acquired or commissioned since 2016 under the Corporation’s growth strategy.

“Fiscal 2017 proved to be one of the busiest years in Boralex’s history,” pointed out Patrick Lemaire, Boralex’s President and Chief Executive Officer. Our team worked hard to maintain our growth targets while fully leveraging the sites in operation. We’ve always been committed to acting in a disciplined manner and the results obtained confirm that this approach serves us well. Also, all of our operating segments had a strong fourth quarter, which offset a difficult start to the year for the wind power segment in France. »

Mr. Lemaire also highlighted the Corporation’s healthy financial position, considering in particular the sharp increase in cash flows from operations compared with last year as well as the relatively limited equity needs for implementing the projects included in the growth path. “With our teams’ recognized expertise and our experience in setting up partnerships, we’re well positioned to pursue our growth strategy and continue to create shareholder value,” concluded Patrick Lemaire.

Operational highlights

Note: The figures in brackets are those arrived at following the proportionate consolidation accounting method compared with those disclosed in conformity with IFRS.

Fourth quarter of 2017

All operating segments contributed to the higher production volume for the fourth quarter of 2017. In total, Boralex generated 871 GWh (1,042 GWh) of electricity compared with 596 GWh (730 GWh) for the same period of 2016. The 46% (43%) increase was fuelled by both contributions from assets acquired and commissioned over the past year, as well as by improved performance at hydroelectric power stations in the U.S. and wind farms in France and Canada. Existing sites on December 31, 2016 alone recorded a 20% (21%) production increase in the fourth quarter compared with the same period a year earlier. Meanwhile, in the fourth quarter, an estimated 87 GWh power limitation was imposed on the Niagara Region Wind Farm and compensated with an amount of $14 million by Independent Electricity System Operator.

Fiscal 2017

For fiscal 2017 as a whole, Boralex generated 3,129 GWh (3,675 GWh) of electricity, up 28% (24%) from 2,441 GWh (2,953 GWh) for fiscal 2016. This increase resulted mostly from the contribution of sites acquired and commissioned since August 2016. Production at existing facilities in 2016 was up 6% (6%). Favourable performance by the U.S. hydroelectric power stations starting in the second quarter and favourable wind conditions at the French wind farms in the second half of the year made it possible to offset the decline in production at the French wind farms and Canadian hydroelectric power stations in early 2017.

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