The following is a summary of the Boralex Inc. (BRLXF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Boralex reported Q1 combined EBITDA of $218 million, up 14% from the same quarter last year.
The company saw strong production from wind farms and hydroelectric assets in North America, and the commissioning of new assets in France.
Net earnings improved by 62% to $73 million from Q1 of 2023, and AFFO under IFRS increased by 16% to $78 million.
Boralex strengthened its balance sheet with $575 million in available cash resources and authorized financing.
Business Progress:
Main projects, Apuiat in Quebec and Limekiln in Scotland, are progressing well and expected to start operating by the end of 2024.
Boralex's first two battery storage projects in Ontario, Hagersville, and Tilbury, are to be commissioned in 2025.
During the quarter, Boralex added 239 MW of projects to its pipeline, bringing total capacity to over 6.7 gigawatts.
The company secured a 125-MW storage project in Ontario which boosts its presence in the area.
Boralex is exploring battery and energy storage in different regions, focusing particularly on ERCOT in Texas.
Development dollars are to be allocated for the U.S. market, mainly in Texas and New Mexico.
Areas for growth have shifted more towards Canada, specifically Quebec and Ontario.
The company is considering partnerships with AI and data centers for future energy demand.
In France, approx 350 MW will be available from 2026 for repurposing.
More details: BORALEX INC IR
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