SUBSCRIBE
PROFILE

Boralex deepens its losses in Q3 despite 7% production increase

Canadian company Boralex reported a net loss of CAD30mn in the third quarter, impacted by lower electricity prices in France and adverse weather conditions in North America.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25£/month*

*billed annually at 99£/year for the first year then 149,00£/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99£/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2£/month*
then 14.90£ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

Renewable energy producer Boralex Inc. posted a net loss of CAD30mn in the third quarter of 2025, compared to CAD14mn in the same period of 2024. This decline came despite a 7% increase in electricity production, driven mainly by new sites commissioned in Europe.

Revenue decline amid price volatility

Revenue from energy sales and compensation totalled CAD144mn, down from CAD150mn a year earlier, representing a 4% drop. The decrease was primarily due to lower short-term power purchase agreement prices in France, which had positively impacted earnings in the previous year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA(A)) fell to CAD85mn from CAD87mn in Q3 2024. Operating income turned negative, recording a loss of CAD1mn compared to a profit of CAD7mn in the prior year.

Ongoing investments and strengthened liquidity

Boralex continued executing its growth strategy, adding 395 MW to its development pipeline during the quarter. In October, the 200 MW Apuiat wind farm in Québec was commissioned, contributing 100 MW to the company’s installed capacity.

Battery storage projects Hagersville (300 MW) and Tilbury (80 MW) in Ontario are progressing as planned, with commissioning expected by year-end. A 250 MWac solar project in the United States has moved into a secured phase, and a power purchase agreement was signed for the 50 MW Milo wind farm with a local utility.

Stable financial position despite lower discretionary cash flow

Cash flows from operating activities reached CAD37mn, compared to a cash outflow of CAD184mn a year ago. However, discretionary cash flow stood at CAD9mn, a decrease of CAD7mn year-on-year.

As of September 30, the company held CAD288mn in cash and equivalents, with a total of CAD811mn in available liquidity and authorised financing.

Boralex also secured 125 MW in the latest French wind tender in November, strengthening its position in the European market. The company plans to submit further projects in Canada, the United Kingdom and New York State in the coming months.

  • Popular on energynews.pro
Spie and Tesla partner to deploy battery electricity storage systems in Europe
EDF power solutions secures 250 MW battery contract in Germany
Enel acquires two onshore wind farms in Germany for €80mn in strategic move
Nordex secures 200 MW contract for wind farm in Canada
Niger signs strategic deal with Russia to revive uranium mining
Ocean Winds launches its first offshore measurement campaign for the High Sea Wind project
Ocean Winds has deployed a LiDAR buoy off Gippsland to collect accurate data on wind and currents, a key step in its 1.3 GW offshore wind project in Australia.
TerraWind strengthens its onshore wind portfolio in Japan with 255MW transferred
TerraWind Renewables acquires five projects totalling 255MW in northern Japan, bringing its onshore wind development capacity to 327MW and targeting first commercial operation in 2028.
EDF, OQAE and Al Khadra to build 120 MW wind farm in Oman
A consortium led by EDF power solutions has signed a 20-year agreement with Nama PWP to develop a 120 MW wind farm in southeastern Oman, with commissioning scheduled for Q3 2027.
Microsoft signs two new wind power purchase agreements with Iberdrola
Microsoft expands its partnership with Iberdrola through two new power purchase agreements in Spain, reinforcing its European energy strategy while deepening the use of cloud and artificial intelligence solutions from the US group.
Vestas secures 828MW contract for wind farm in Brazil
Casa dos Ventos awards Vestas the supply, construction and maintenance of a 184-turbine complex in the state of Piauí, with an investment exceeding $1.01bn.
Poland relaunches offshore tenders with 25-year CfD for 4 GW
Warsaw tests long-term support for offshore wind with a structured tender to maximise competition, reduce financial risk and reassure a supply chain under pressure across Europe.
TotalEnergies sells 50% of a 424 MW portfolio of projects in Greece
TotalEnergies has sold 50% of a portfolio of wind and solar projects in Greece to Asterion Industrial Partners, valued at €508mn ($554mn), while retaining operational control and the main share of electricity marketing.
Italy’s offshore wind sector stalled by regulatory and administrative delays
Italy’s offshore wind rollout remains at a standstill, freezing over 18 GW of pending projects and weakening national renewable energy targets.
OX2 launches construction of 277 MW onshore wind farms in Finland
OX2 has started construction on three new onshore wind farms in Finland, bringing its total installed capacity in the country to 750 MW, a record level for a private energy sector player.
EDF commissions 140MW San Kraal wind farm in South Africa
EDF power solutions announces commercial operation of the San Kraal wind farm, the first unit of the 420MW Koruson 1 project, with full commissioning expected in early 2026.
Q ENERGY opens the Ventajou wind project to local investment partners
Q ENERGY has announced the entry of three local and citizen-based partners into the capital of the Ventajou wind farm, marking its first strategic equity opening to institutional and community investors.
Norway awards two floating wind zones to Equinor and EDF ahead of final subsidy auction
The Norwegian government has allocated two areas of the Utsira Nord project to the Equinor–Vårgrønn and EDF–Deep Wind Offshore consortia, launching a preparatory phase before a competitive state aid auction.
RWE commissions its repowered Muel wind farm in Spain
German group RWE has replaced 27 old turbines with three new high-performance units at its Muel wind farm, doubling energy output and earning ZeroWaste certification.
Synera signs CPPA with TSEE for 495MW offshore wind project in Taiwan
Synera Renewable Energy Group has signed a long-term power purchase agreement with Taiwan Smart Electricity & Energy, securing a portion of generation from the Formosa 4 wind farm.
Agsm Aim acquires four wind farms in Italy to strengthen its portfolio
Italian group Agsm Aim has completed the acquisition of four wind farms in Apulia totalling 52.6 MW, marking a new step in its national growth strategy in the renewable energy production sector.
Offshore wind supplies 17% of UK electricity 25 years after Blyth launch
Twenty-five years after the opening of the first offshore wind farm at Blyth, offshore wind now provides nearly a fifth of the United Kingdom’s electricity and supports a domestic industry employing 40,000 people.
Edison to invest €600mn in over 500 MW of renewable projects in 2026
Edison plans to launch over 500 MW of new wind and solar construction sites in Italy in 2026, backed by a €600mn ($647mn) investment, as part of its strategic growth plan in renewable energy.
GE Vernova to supply 42 turbines for new Greenvolt wind farm in Romania
GE Vernova will equip the Gurbanesti wind farm with 42 onshore 6.1 MW turbines in a second deal with Greenvolt in Romania, consolidating a combined capacity of around 500 MW.
RWE secures 68 MW of renewable capacity in Italy’s FER-X auction
RWE has secured contracts for four renewable energy projects totalling 68 MW in Italy, with construction set to begin in 2026, reinforcing its expansion strategy in the market.
RWE and TotalEnergies deploy 66 Reef cubes® for OranjeWind wind farm
RWE and TotalEnergies will install 66 Reef cubes® around the foundations of 11 turbines at the OranjeWind wind farm, marking one of the largest applications of artificial reefs in the North Sea.

All the latest energy news, all the time

Annual subscription

8.25£/month*

*billed annually at 99£/year for the first year then 149,00£/year ​

Unlimited access - Archives included - Pro invoice

START - 99£/year

Monthly subscription

Unlimited access • Archives included

5.2£/month*
then 14.90£ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.