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Boralex posts higher Q4, FY'17 EBITDA

Boralex Inc. on March 2 booked fourth-quarter 2017 EBITDA under proportionate consolidation of C$104 million, up from C$57 million in the fourth quarter of 2016.

Net earnings attributable to shareholders for the quarter rose to C$26 million, or 32 Canadian cents per share, from C$1 million, or 2 cents per share, in the fourth quarter of 2016.

"Our team worked hard to maintain our growth targets while fully leveraging the sites in operation," Boralex President and CEO Patrick Lemaire said in a company statement. "Also, all of our operating segments had a strong fourth quarter, which offset a difficult start to the year for the wind power segment in France."

The company generated revenues from energy sales of C$147 million, compared to C$89 million in the same quarter in 2016. Cash flows from operations for the quarter increased to C$79 million in fourth-quarter 2017, from C$36 million in the fourth quarter of 2016. Production surged to 1,042 GWh, from 730 GWh in the last quarter of 2016.

On a full-year basis, Boralex's 2017 EBITDA increased to C$319 million under proportionate consolidation from C$231 million in 2016. Net income attributable to the company's shareholders for 2017 was C$22 million, or 29 cents per share, compared to a net loss of C$2 million, or a loss of 3 cents per share, in 2016.

Year over year, the company recorded cash flows from operations of C$210 million in 2017, up from C$144 million in 2016, while production rose to 3,675 GWh under proportionate consolidation, from 2,953 GWh in 2016.

For 2018, Boralex expects to grow its installed capacity by 120 MW, or 8%. During the second half, the company expects to commission the 16-MW Yellow Falls hydroelectric facility in Ontario and the 15-MW Moose Lake Wind Project in British Columbia.

Boralex also plans to bring online four wind farms totaling 89 MW in France in 2018. Four additional wind facilities totaling 113 MW are scheduled to come online in France in 2019. Boralex targets 2,000 MW of wind energy by the end of 2020.