Boralex Inc.on May 11 recorded a C$28.1 million year-over-year increase in first-quarter adjustedEBITDA to C$90.4 million.
The 45% increase was attributable mainly to new assets commissionedin 2015, better wind and hydro conditions and the strengthening of the euro andthe U.S. dollar.
"Beyond these excellent results, we will continue to developour pipeline and execute our projects rigorously," President and CEO PatrickLemaire said in a news release. "The enhanced financial flexibility stemmingfrom the recent refinancing arrangements will also help achieve the objective ofgrowing our current installed capacity to 1,650 MW, a growth of more than 50% bythe end of 2020."
Net earnings attributable to Boralex shareholders totaled C$20.6million, or 32 Canadian cents per basic share, in the most recent quarter, up fromC$5.3 million, or 11 cents per basic share, in the prior-year period.
The company's first-quarter revenues from energy sales increased34% to C$122.4 million, versus C$91.2 million in the same quarter of 2015. Cashflows from operations improved to C$69.9 million in the first quarter, from C$42.8million in the year-ago quarter.
Boralex reported that first-quarter production rose to 973.2GWh in the 2016 quarter, from 733.5 GWh in the year-ago quarter.
The company also announced two new wind projects: the 10-MW wind project inOntario and the 15-MW Moose Lakewind facility in British Columbia. Construction on the C$38 million Port Ryerseproject will begin during the second quarter. The power plant has a 20-year contractwith Independent Electricity SystemOperator and is expected to generate annual adjusted EBITDA of aboutC$3.5 million. Commissioning is scheduled for the fourth quarter.
Work on the C$70 million Moose Lake project will begin duringthe third quarter and commissioning is expected by the end of 2017. The projecthas a 40-year contract with BC Hydroand Power Authority and is expected to generate annual adjusted EBITDAof about C$5.0 million.