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.
