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Boralex sees red

Canadian renewables developer makes $17m loss in first nine months of 2017

Boralex sees red image

Boralex made a loss of $17m in the first three quarters of 2017, compared with a profit of $6m in the same period in 2016.

However, revenue and earnings both increased in the first nine month of the year. Revenue from energy sales stood at $285m, up from $225m, while earnings before interest, taxes, depreciation and amortisation grew to $183m from $143m.

Electricity output was 2258 gigawatt hours (GWh) between January and the end of September, compared with 1845GWh in 2016.

The company expects to commission two wind farms totalling 53MW in France before the end of December.

The commissioning will bring the company’s total installed capacity by the end of the year to 14556MW, up 28% since the start of 2017.

The company’s board has also approved three further projects in France that will be commissioned in 2019. They are the 23MW Sources de l'Ancre project, 20MW Seuil du Cambrésis and the 12MW Basse Thiérache Nord facilities.

Image: Boralex

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