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
BP restarts Olympic pipeline after leak, increasing pressure on safety
Dangote claims 100% of Nigerian petrol supply and demands priority access to crude
AfDB grants $7.41mn to Liberia to complete hydroelectric power plant
South Korea under pressure from the IEA to liberalise its electricity market
Cadeler receives Wind Mover and doubles its fleet within twelve months
BW Ideol takes 15% stake in Méditerranée Grand Large floating wind project
BW Ideol Projects Company acquires a minority stake in the Méditerranée Grand Large project, strengthening its partnership with EDF power solutions and Maple Power in the Mediterranean floating offshore wind sector.
Octopus Energy mobilises $450mn for energy projects in sub-Saharan Africa
Octopus Energy joins a global initiative to accelerate renewable energy deployment in Africa, committing $450mn through its Power Africa programme to supply electricity to more than one million people.
Snowy Hydro signs 225 MW in 15-year wind and battery contracts
Australian energy provider Snowy Hydro has secured long-term agreements with Aula Energy and TagEnergy, adding 120 MW of wind power and 105 MW of battery storage to its national portfolio.
He Dreiht comes online as German offshore wind model faces deadlock
The He Dreiht offshore wind farm delivers its first MWh as the German auction model stalls, offering EnBW and its institutional investors a strategic showcase.
Ørsted and ESB secure 900 MW offshore contract off the coast of Ireland
The Irish government has provisionally awarded development rights for the Tonn Nua offshore site to the Ørsted-ESB joint venture under a 20-year contract supporting a 900 MW project.
Nordex secures 34 MW contract with Grupo Enhol for wind farm in Spain
Nordex Group will supply six turbines to upgrade a 34.2 MW wind farm in Caparroso, financed by the European Union under the NextGenerationEU plan.
Iberdrola sells 757 MW of French onshore assets to Technique Solaire
The Spanish group continues its asset rotation strategy by transferring its French onshore wind and solar portfolio to Technique Solaire, reinforcing its focus on offshore and regulated networks.
Eurus Energy targets 2029 for restart of Soya Misaki wind farm in Japan
Japanese group Eurus Energy has completed the environmental assessment for its 60.2MW repowering project in Wakkanai, with commissioning targeted for April 2029.
BayWa r.e. receives DNV certification for its concrete floating wind concept
BayWa r.e. has reached a strategic milestone with the concept certification of its BayFloat floating substructure, validated by DNV according to current floating offshore wind standards.
ORE Catapult tests Danish technology to extend offshore wind blade lifespan
A full-scale testing programme will begin in January to assess a blade reinforcement technology developed by Bladena, as ageing offshore wind fleets raise durability challenges.
Longyuan SA trains 110 South African technicians on De Aar wind project
Africa's first wind project led by a Chinese company, the De Aar plant generates 770 million kWh annually and focuses on developing local talent.
SPIE secures full cabling contract for Dogger Bank offshore wind farm
SPIE Wind Connect has been selected by DEME Offshore to carry out all connection and high-voltage cable testing work for the 3.6 GW Dogger Bank offshore wind project off the UK coast.
Nordex signs 21 MW deal with BMR for German wind farm
German group Nordex will supply three turbines to developer BMR for a 21 MW project in North Rhine-Westphalia, bringing BMR's total orders to nearly 110 MW in 2025.
Q ENERGY invests in two wind projects in Cuxac-Cabardès to double capacity
Q ENERGY is simultaneously conducting the repowering and extension of its wind farm in Aude, with commissioning scheduled for late 2026 and a production goal equivalent to the consumption of 45,000 people.
Cordelio Power starts operations at 135 MW wind farm in Arkansas with Microsoft
Cordelio Power has launched commercial operations of the Crossover wind farm in Arkansas, securing a 20-year power purchase agreement with Microsoft and closing $811mn in financing from North American banks.
VSB France launches 13.8 MW wind farm at 1,420 metres altitude
VSB France has commissioned the Eoliennes de Fadoumal wind farm in Lozère, a 13.8 MW facility located in a forested high-altitude area and equipped with a patented avifauna detection system.
Proparco strengthens Kipeto wind farm equity alongside Meridiam
Proparco has invested in the 100 MW Kipeto wind farm in Kenya, reinforcing France’s financial involvement in East Africa’s energy sector, without disclosing the amount of the transaction.
Terra-Gen commissions 238.5 MW wind farm in Texas
The Monte Cristo I project strengthens Terra-Gen’s presence in Texas with a total capacity of 273 MW and economic returns exceeding $100mn for local communities.
UK relaunches offshore wind with AR7 tender and 5.5 GW at stake
The UK is betting on a new contracts-for-difference model to secure up to 5.5 GW of offshore wind, despite a reduced budget and unprecedented competitive pressure.
CWP Energy and KfW IPEX-Bank secure £400mn financing for Sanquhar II wind farm
CWP Energy and KfW IPEX-Bank have finalised a £400mn ($494mn) financing agreement for the Sanquhar II onshore wind farm, marking a strategic milestone in UK energy investments.

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.