Boralex Q2 loss as revenue surges
Quebec-based renewable energy developer and generator Boralex had a 10% second quarter revenue gain as new wind farms and a hydro facility came into commercial operation, although higher financing costs resulted in a C$4.7m $4.3m) net loss.
Revenue was C$44.2m versus C$40.5m a year earlier when net loss was C$1m.
Cash flow from operations spiked 30% in the second quarter, driven by Boralex’s half share of the 272MW first stage of the Seigneurie de Beaupre wind farm in Quebec. Last December, the company and two partners commissioned the sprawling facility, which will eventually become the largest in Canada.
Boralex also recently commissioned two wind farms in France, bringing to 13 with company ownership.
Chief executive Patrick Lemaire says recently announced financing arrangements favorably position the firm to take advantage of new growth opportunities.
First half revenue through 30 June was C$107.6m versus C$91.6m a year earlier, with a C$4.7m net profit against $C3.5m.