Boralex hits the red
Canadian energy company makes a $10m loss in the 1H 2018
Boralex made a loss of $10m in the first six months of 2018, compared with an $8m profit in the same period last year.
The Canadian energy company said the loss was primarily down to lower than expected output due to the weather at wind farms in Canada and France and hydro plants in the US.
Other impacts included extraordinary acquisition costs, impairment losses related to the Cham Longe 1 wind farm repowering and the cancellation of a power purchase agreement for the Otter Creek wind farm in Ontario.
However, earnings in the period rose to $278m from $240m in 2017 and revenue from energy sales grew to $182m from $165m.
Boralex president and chief executive Patrick Lemaire said: “The prevailing weather conditions did not allow us to achieve the expected operating results.”
The company said that by the end of 2020 it could have just over 2GW of installed capacity, compared with about 1.8GW currently.
“The corporation will continue to review market opportunities and expects to announce a new long-term capacity target updated in accordance with its continuous growth objectives by the end of the year,” Boralex said.