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Newly commissioned facilities boost Boralex Q2 results

Boralex Inc. on Aug. 9 reported second-quarter 2017 EBITDA on a proportionate basis of C$67 million, an increase from C$48 million in the comparable quarter of 2016.

Second-quarter revenues from energy sales were up to C$105 million from C$77 million a year ago, while cash flows from operations grew to C$46 million from C$28 million in the year-ago quarter.

Boralex generated 863 GWh of electricity in the most recent quarter, a 27% increase from 678 GWh of electricity generated in the same period of 2016. The increase was largely attributed to the contribution of sites acquired and commissioned after June 30, 2016, representing an installed capacity of 274 MW.

The company recorded a second-quarter net loss attributable to its shareholders of C$2 million, or a loss of 2 Canadian cents per share, compared with a net loss of C$7 million, or a loss of 11 Canadian cents per share, a year ago.

Boralex will pay a quarterly dividend of 15 Canadian cents per common share on Sept. 18 to shareholders of record Aug. 31.

The company expects to end fiscal 2017 with an installed capacity under its control of 1,456 MW, up 321 MW, or 28%, compared with the Dec. 31, 2016, level.