SUBSCRIBE
PROFILE

Boralex Reports $41 Million Profit Despite Lower Energy Production

Boralex announces quarterly net earnings of CAD 41 million, marked by a 4% decrease in energy production, despite successfully commissioning its first wind farm in the United Kingdom.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

In the first quarter of 2025, Boralex Inc., an independent renewable energy producer, recorded a 4% decrease in its electricity production, with 1,691 GWh generated compared to 1,767 GWh during the same period last year. This reduction primarily results from less favorable weather conditions in France, partially offset by stronger performance at Canadian sites. Despite this decline, consolidated net earnings reached CAD 41 million, down from CAD 73 million recorded the previous year. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA(A)) totaled CAD 176 million, compared to CAD 195 million one year earlier.

First British Wind Farm Operational

During this quarter, Boralex commissioned the Limekiln wind farm in Scotland, with a capacity of 106 MW. This marks the company’s first operational project in the UK, contributing to its strategic objective of geographic diversification. The Limekiln facility represents a significant milestone in the group’s growth strategy in the United Kingdom. This commissioning comes as Boralex actively continues the construction of other significant projects, including the Apuiat wind farm in Quebec, scheduled for summer 2025.

Impact of Energy Prices in France

Revenues from energy sales amounted to CAD 226 million, down 13% compared to the first quarter of 2024. This decrease is mainly due to less favorable short-term contract prices in France, which had been particularly high last year. The less advantageous market conditions in Europe also contributed to a 10% decline in EBITDA(A). Despite these challenges, the company maintains a solid financial position, with CAD 504 million in available liquidity and financing as of March 31, 2025.

Ongoing Projects and Technological Diversification

Additionally, Boralex continues to advance several major projects. Energy storage projects in Hagersville (300 MW) and Tilbury (80 MW) in Ontario are progressing as scheduled, with commissioning planned for the fourth quarter of 2025. The Des Neiges Sud wind project in Quebec, totaling 400 MW with 133 MW owned by Boralex, is also under development, with phased commissioning between late 2026 and early 2027. The company also announced the addition of 129 MW to its portfolio of early-stage projects.

Outlook and Upcoming Calls for Tenders

Looking ahead, Boralex plans to actively participate in upcoming tenders in its key markets. A detailed review of its 2025-2030 strategic plan will be presented during Investor Day, scheduled for June 17 in Toronto. The current strategic plan continues to focus on four pillars: growth, diversification, customers, and optimization. The company is presently developing and constructing a global portfolio of 8 GW of wind, solar, and energy storage projects.

  • Popular on energynews.pro
Orazul Energy launches cash tender offer for its 2027 notes
Iraq in talks with ExxonMobil for refining capacities in Asia
Greek shipowners cut Russian crude links under new compliance rules
Westinghouse and EDF reactors deemed viable for Slovenia’s JEK2 nuclear project
Envision Energy signs exclusive agreement for 4.5 GW wind project in Turkey
Alerion completes acquisition of 14.4 MW wind farm in Ireland
Alerion Clean Power enters the Irish market through the acquisition of an onshore wind farm in County Tipperary, as part of its 2025–2028 industrial plan.
Global wind sector targets 2 TW installed capacity by 2030 despite uncertainties
Driven by China's acceleration, global wind capacity is expected to reach 170 GW in 2025, paving the way for a doubling of installed capacity by 2032.
Ocean Winds installs first foundation at Dieppe – Le Tréport offshore wind farm
Ocean Winds reaches a new milestone with the installation of the first foundation at the Dieppe – Le Tréport offshore wind farm, which will comprise 62 turbines supplying nearly 850,000 people.
Pennavel and BrestPort sign strategic agreement for Breton floating wind project
Pennavel and BrestPort strengthen their partnership around the South Brittany floating wind project, aiming to structure industrial operations from 2030 at the EMR terminal of the port of Brest.
Van Oord completes installation of 109 cables at Sofia offshore wind farm
Van Oord has completed the installation of 109 inter-array cables at the Sofia offshore wind farm, marking a major logistical milestone for this North Sea energy infrastructure project.
ERG signs three PPA contracts with FS Group for 1.2 TWh of electricity
Italian producer ERG will supply 1.2 TWh of energy to Rete Ferroviaria Italiana starting in October, marking a step forward in structuring the national PPA market.
Trump administration moves to revoke Avangrid permits for offshore wind off Massachusetts
The Trump administration plans to revoke federal approval of the New England Wind project, jeopardising offshore wind contracts representing 2,600 MW of capacity off the northeastern US coast.
Orsted sues Trump administration over halt of Revolution Wind project
Orsted and two U.S. states have taken federal legal action to contest the abrupt halt of the Revolution Wind project, a $5 billion offshore venture now at risk of prolonged suspension.
SPIE secures strategic contract for TPC II offshore wind farm in Taiwan
SPIE Wind Connect will carry out subsea connections for phase II of the TPC project, a major development in Taiwan’s offshore wind sector with a projected annual capacity of 1,000 GWh.
Envision Energy enters Turkish market with 232 MW wind project
Envision Energy launches its first project in Turkey in partnership with Yildizlar Group, adding 232 MW to the national wind capacity in Karaman province.
ABO Energy cuts costs and accelerates wind project sales
ABO Energy maintains its annual targets despite a drop in half-year profit, relying on cost-cutting measures and early project sales to secure cash flow.
Energiekontor secures financing for two wind farms totalling 94 MW in Lower Saxony
Energiekontor has closed financing for two wind projects in Verden, with a combined 94 MW, with construction starting this year and commissioning scheduled for 2027.
Seoul excludes foreign turbines in 689 MW offshore wind auction
South Korea has rejected all projects using foreign turbines in its 2025 offshore wind auction, marking a strategic shift in favour of local industry and energy security.
Denmark rejects again 37 offshore wind applications without tender
The Danish Energy Agency confirmed the rejection of 37 feasibility study permit applications, citing European Union state aid rules and lack of competition.
ACEN Australia’s 900 MW wind project secures federal approval
With an AUD$3 billion investment, ACEN launches one of Tasmania’s largest private projects, aiming for commissioning in 2030 and annual supply for 500,000 households.
In France, four citizen-funded wind turbines inject 12.9 MW into the Breton grid
In France, a 12.9 MW wind farm financed by local actors has been commissioned in Martigné-Ferchaud, showcasing an unprecedented model of shared governance between citizens, local authorities and public investment companies.
Five US coastal states challenge Trump over offshore wind projects
The governors of five states urged the Trump administration to maintain permits for threatened offshore wind projects, citing massive investments and jobs at stake in a nascent industry.
Green Wind Renewables launches 450 MW wind project in Western Australia
Green Wind Renewables is developing a 450 MW wind farm in the Wheatbelt region of Australia, with up to 75 turbines and an estimated annual output of 1.5 TWh.
RWE activates 83 megawatts of wind and solar capacity in France
German group RWE has commissioned five new power plants in France, adding 83 MW to its portfolio, following repeated successes in tenders organised by the Energy Regulatory Commission.
Monsoon Wind launches 600 MW and begins electricity exports to Vietnam
The 600 MW onshore wind farm in Laos achieves commercial operation four months early, injecting power into Vietnam via a 500 kV interconnection and consolidating an international financing package of $950mn.

Log in to read this article

You'll also have access to a selection of our best content.