Boralex adds 743 MW to its project pipeline and increases EBITDA(A) in Q2-2021
During the quarter ending June 30, Boralex Inc. continued to add new projects to its project pipeline and to advance its existing projects to the “secured” and “ready-to-build” stages of its Growth Path.
“The second quarter was marked by the addition of 743 MW to our project pipeline, notably in the solar and energy storage markets in the United States, identified in our new 2025 Strategic Plan as key markets. The contribution of our two most recent acquisitions in wind in Quebec and solar in the US as well as commissioning of projects was in line with our expectations and enabled us to continue growing our EBITDA(A) despite the unfavourable hydraulic conditions arising from the low level of precipitation in recent months,” said Patrick Decostre, President and CEO, Boralex.
Boralex announced its objective of doubling its installed capacity and reaching a combined EBITDA(A) of $800‒850 million ($740‒790 million under IFRS) and discretionary cash flow of $240‒260 million by 2025. This represents compound annual growth rates of 9‒16 per cent for these three performance measures.
“We are in the final stages leading up to our project submission for the New York State request for proposals for solar projects. We are very proud of the many high-quality projects and the capacity we are in a position to offer,” said Decostre. “In the coming quarters, we will also continue to seek acquisition opportunities and to implement the various initiatives outlined in our 2025 Strategic Plan, including the optimization of our capital structure and the execution of our corporate social responsibility strategy.”
In the second quarter of 2021, Boralex generated 1,323 GWh of electricity, for an increase of 41 per cent over the 937 GWh generated in the same quarter in 2020. The increase is attributable to recent acquisitions in the wind sector in Quebec and the solar sector in the U.S., and the commissioning of wind farms in France.
For the three-month period ended June 30, revenues from energy sales amounted to $147 million, up 21 per cent from the second quarter of 2020. The company posted consolidated EBITDA(A) of $106 million for the second quarter of 2021, 23 per cent higher than for the second quarter of 2020.