Boralex Inc (TSE:BLX) managed to raise its revenue and adjusted EBITDA in the third quarter of 2023 and significantly narrow its attributable net loss, as the Canadian company brought online additional capacity and increased its power output.
The Quebec-based renewable power producer closed the July-September quarter with a net loss attributable to its stockholders under IFRS of CAD 3 million (USD 2.2m/EUR 2m), down from CAD 44 million a year earlier. It attributed the improvement to the contribution of wind farms acquired in the US and the commissioning of new photovoltaic (PV) and wind parks in France, coupled with the strong generation of its wind power facilities across Europe. The positive effects were only partially offset by unfavourable wind conditions in Canada, Boralex said on Thursday.
At CAD 171 million, revenues from energy sales and feed-in premium jumped by 70% on the year, while consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) surged 82% to CAD 91 million. More details, including company results according to IFRS standards and a combined basis, are available in the table.
| Figures in CAD million, unless otherwise noted | Q3 2023 | Q3 2022 | 9mo 2023 | 9mo 2022 |
| Under IFRS | ||||
| Revenues from energy sales and feed-in premium | 171 | 101 | 679 | 496 |
| EBITDA | 91 | 50 | 381 | 344 |
| Net earnings (loss) | (2) | (56) | 75 | 15 |
| Net earnings (loss) attributable to shareholders | (3) | (44) | 59 | 16 |
| Combined basis | ||||
| Revenues from energy sales and feed-in premium | 194 | 116 | 759 | 549 |
| EBITDA | 113 | 63 | 448 | 379 |
| Net earnings (loss) | (2) | (56) | 75 | 15 |
| Net earnings (loss) attributable to shareholders | (3) | (44) | 59 | 16 |
171
679
91
381
(2)
759
448
Third-quarter power output came at 1,100 GWh, or 9% more than a year back under IFRS. The increase on a combined basis was higher due to the integration of wind farms acquired in the US at end-2022.
“We are still adding many projects to our pipeline and they are maintaining high returns, with the prices of the most recent power purchase agreements significantly up and reflecting the current supply situation and financing costs,” commented Patrick Decostre, president and CEO of Boralex.
At the end of September, the company had a pipeline of 6.4 GW of wind, solar and energy storage projects.
(CAD 1.0 = USD 0.725/EUR 0.679)
