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Boralex salutes stellar year

Revenue and earnings rise 34% and 38% respectively in 2017

Boralex salutes stellar year image

Canadian developer Boralex boosted its revenue by almost 34% last year to $473m, compared with $354m in 2016.

Earnings jumped to $319m in 2017, a rise of 38% on the previous year's $231m.

The increases were mainly down to projects acquired or commissioned since 2016, the company said.

Production soared to 3675 gigawatt-hours in 2017, from 2953GWh in 2016.

Boralex posted a net profit of $10m last year, rising from $2m in the previous 12 months. 

Boralex president and chief executive Patrick Lemaire said: “Fiscal 2017 proved to be one of the busiest years in Boralex's history. 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.”

The company expects to increase its installed capacity by 120MW in 2018.

Some 89MW of wind capacity will come online in France, together with the 15MW Moose Lake wind farm in British Columbia, Canada.

A 16MW hydro plant at Yellow Falls in Ontario is also scheduled to start operating this year.

A further four wind farms will be commissioned in France in 2019, the company said.

Image: Boralex

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