Boralex revenue climbs 13%
Five new wind farms totalling 76MW to be commissioned in 2017
Boralex revenue grew 13% in 2016 to C$299m from C$266m in 2015, on the back of output increasing 12% to 2441 gigawatt-hours.
EBITDA was also up 12% to C$189m from C$169m the previous year, however, the company made a net loss of C$2m overall, an improvement on the C$11m loss in 2015.
The company said the results would have been better but for “disappointing weather conditions at the end of 2016”.
Boralex expects to see growth in its operating results in 2017 driven by 270MW acquired and commissioned in 2016 and a further 92MW expected to come online in Canada and France this year.
Five new wind farms will be commissioned by the end of the year. They are the 15MW Moose Lake in British Columbia and the 10MW Voie des Monts 23MW Artois, 24MW Mont de Bagny and 4MW Plateau de Savernat-phase 2 in France.
The company will also commission the 16MW Yellow Falls hydro plant in Ontario.
“Boralex is confident about completing a significant portion of its portfolio of projects and achieving its objective of an asset base of over 2000MW by the end of 2020, representing growth of nearly 50% compared with the current level,” it said.