Business
Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom
MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “C...
About this update from Boralex Inc. Class A
[{"type":"text","content":"Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom\n\n\n\n MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.\n \n\n\n Highlights\n \n\n\n\n Financial results\n \n\n\n\n\n Lower EBITDA(A)\n \n 1\n \n , operating income and net earnings in Q1-2025\n \n\n\n Production down 4% (1% on a Combined\n \n 1\n \n basis)\n \n 2\n \n from Q1-2024 and 10% (11%) below anticipated production\n \n 1\n \n . Good weather conditions in Canada partially offset less favourable conditions in France.\n \n\n EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.\n \n\n Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.\n \n\n Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.\n \n\n\n\n\n Lower cash flow related to operating activities for the quarter but consistently strong balance sheet\n \n\n\n Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.\n \n\n Discretionary cash flows\n \n 1\n \n of $74 million for Q1-2025, down $4 million from Q1-2024.\n \n\n $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing\n \n 1\n \n as at March 31, 2025.\n \n\n Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.\n \n\n\n\n\n Update on development and construction activities\n \n\n\n\n Start of production at the 106 MW Limekiln wind farm in Scotland\n \n\n\n\n Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges\n \n\n\n Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.\n \n\n Construction of the Hagersvil...