Despite unfavorable weather conditions impacting its activities in Canada and France, Boralex has continued to progress on key strategic projects. Specialized in renewable energy, the company recorded electricity production of 1,081 GWh, a 3% decrease compared to the same period in 2023.
Revenue from energy sales and remuneration supplements fell by 12%, reaching $150M, primarily due to lower-than-expected production. Furthermore, net income stands at -$14M, down $7M from the previous year, while EBITDA(A) amounts to $87M, marking a 4% decline. These underperformances were mitigated by the commissioning of new sites in France and a more effective energy commercialization strategy.
Strategic Development and Geographic Diversification
Boralex has continued implementing its strategic plan by focusing on key projects. The construction of the Apuiat (Quebec) and Limekiln (Scotland) wind farms, representing a total capacity of 306 MW, is progressing according to schedule, with commissioning planned by the end of 2024. The company also initiated two major energy storage projects in Ontario (Hagersville and Tilbury) totaling 380 MW in capacity, expected to be operational by 2025.
In parallel, Boralex strengthened its strategic portfolio with the acquisition of the Sallachy wind project in the United Kingdom (50 MW) and the addition of 510 MW in preliminary projects. These initiatives highlight the company’s commitment to diversifying its activities to better withstand climatic uncertainties and optimize energy production over the long term.
Revenue Optimization and Long-Term Agreements
As part of its financial resilience strategy, Boralex has signed two long-term power purchase agreements (PPA) in France with Nestlé and Saint-Gobain. These agreements, spanning 15 to 20 years, involve both wind and solar parks, providing stable income guarantees while supporting the energy transition of its industrial partners.
These agreements also reflect the company’s dedication to optimizing revenues while pursuing geographic and technological diversification. In parallel, Boralex reinforced its environmental commitment by obtaining validation for its greenhouse gas emissions reduction targets from the Science Based Targets initiative.
Strategic Outlook and Future Challenges
Boralex relies on its 2025 Strategic Plan, emphasizing growth, diversification, and operational optimization. With a global project portfolio totaling 7.2 GW in wind, solar, and storage energy, the company remains well-positioned to capture opportunities offered by the energy transition.
However, increasing resource volatility and growing competition in renewable energy markets require continuous adjustments in project planning and management. Boralex plans to continue exploring strategic acquisitions while optimizing its operating costs and electricity commercialization.
