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Boralex vigorously pursues its growth and diversification strategy in the second quarter

·22 min read
Boralex Inc.
Boralex Inc.

Highlights

  • 89% growth in consolidated operating income and 15% growth in EBITDA(A)1 in the second quarter of 2022

    • Operating income of $45 million ($53 million)2 for Q2-2022, up 89% (61%) from $24 million ($33 million) in 2021.

    • EBITDA(A) of $121 million ($133 million) for Q2-2022, up 15% (14%) from $106 million ($117 million) in 2021.

    • Increases mainly attributable to high electricity sales prices on certain feed-in premium contracts in France for which a legislative project to share with the French State the revenues generated beyond the contract prices is under discussion in Parliament

  • 177 MW of wind and solar projects and 26 MW of storage projects added to the project portfolio

    • Commissioning of 3 wind farms adding 31 MW of capacity in France.

    • 22 MW of wind projects and 49 MW of solar projects added from organic growth.

    • 82 MW of wind projects, 24 MW of solar projects and 26 MW of storage projects added from the Infinergy acquisition in the United Kingdom on July 4.

  • 540 MW of solar projects and 77 MW of storage selected in the New York State call for tender

  • Capital structure optimization and increase in sales volume at market price

    • Early repayment of a $98 million project loan, of the $272 million used on the corporate credit facility, and of the $34 million US note (US$27 million). Favorable annualized effect of $19 million on discretionary cash flow.

    • Boralex has more than $900 million in available cash and authorized financing4 to continue implementing its plan for growth.

    • Early termination of 3 power purchase agreements representing a total of 58 MW at the end of July. The electricity will be sold on the market from the effective date of termination.

  • Increase in cash flows

    • Cash flow from operations4 of $86 million for Q2-2022, up $20 million from Q2-2021.

    • Net cash flow related to operating activities of $97 million for Q2-2022, up $13 million from Q2-2021.

    • Discretionary cash flow4 of $13 million, a $20 million improvement from Q2-2021.

  • Production 2% (2%) lower than in Q2-2021 and 6% (6%) below anticipated production3

    • Wind: down 5% (5%) from Q2-2021 and 6% (5%) below anticipated production.

    • Hydroelectric: 20% higher than in Q2-2021 and 8% below anticipated production.

    • Solar: in line with Q2-2021, and 4% below anticipated production.

MONTREAL, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to report an increase in operating income and continued progress on certain development projects during the second quarter of 2022.

“For a second consecutive quarter, we made significant progress in our growth strategy by advancing several ongoing projects and adding new projects to our portfolio, now representing nearly 4 GW of power. New York State selected Boralex for 540 MW of solar projects and 77 MW of storage projects. In addition, we have 177 MW of wind and solar projects from the Infinergy acquisition in the United Kingdom and organic growth,” said Patrick Decostre, Boralex’s President and Chief Executive Officer.


1 EBITDA(A) is a total of sector measures. For more details, see the Non-IFRS financial measures section in this press release.
2 The figures in brackets indicated the results according to the Combined5, compared to those obtained according to the Consolidated.
3 Anticipated Production is an additional financial measures. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
4 Combined, Cash Flow from operations, Discretionary Cash Flows and Available cash and authorized financing are non-GAAP financial measures and do not have a standardized definition under IFRS. Therefore, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.

“As mentioned in the previous quarter, several European countries have been grappling with significant supply challenges and high electricity prices. France is also dealing with historically low nuclear power generation levels, which is widening the price gap with neighboring European countries. Land-based solar and wind farms can be commissioned quickly and at low cost in these markets. We are increasing our efforts and discussions with the various levels of government to accelerate our development and offer sustainable renewable energy supply solutions in the affected regions and those targeted for our growth in Europe. However, this acceleration must be done in a win-win setting for the countries and producers who invest while inflationary conditions result in a higher level of overall risk.” added Mr. Decostre.

2nd quarter highlights

Three-month periods ended June 30

 

Consolidated

Combined1

(in millions of Canadian dollars, unless otherwise specified) (unaudited)

2022

2021

 

Change

2022

2021

 

Change

 

 

 

$

 

%

 

 

 

 

$

 

%

 

Power production (GWh)2

1,298

1,323

 

(25

)

(2

)

1,452

1,485

 

(33

)

(2

)

Revenues from energy sales and feed-in premium

168

147

 

21

 

14

 

185

164

 

21

 

12

 

Operating Income

45

24

 

21

 

89

 

53

33

 

20

 

61

 

EBITDA(A)3

121

106

 

15

 

15

 

133

117

 

16

 

14

 

Net earnings (loss)

14

(12

)

26

 

>100

 

14

(12

)

26

 

>100

 

Net earnings attributable to shareholders of Boralex

10

(16

)

26

 

>100

 

10

(16

)

26

 

>100

 

Per share - basic and diluted

$0.10

($0.16

)

$0.26

 

>100

 

$0.10

($0.16

)

$0.26

 

>100

 

Net cash flows related to operating activities

97

84

 

13

 

16

 

 

 

 

Cash flows from operations1

86

66

 

20

 

32

 

 

 

 

Discretionary cash flows1

13

(7

)

20

 

>100

 

 

 

 

In the second quarter of 2022, Boralex produced 1,298 GWh (1,452 GWh) of power, down 2% (2%) compared to the 1,323 GWh (1,485 GWh) produced in the same quarter of 2021. For the three-month period ended June 30, 2022, revenues from energy sales and feed-in premiums were $168 million ($185 million), up 14% (12%) from Q2-2021, while EBITDA(A) reached $121 million ($133 million), up 15% (14%) from Q2-2021, and operating income was $45 million ($53 million), up 89% (61%) from the same quarter in 2021.

The decrease in production was due to unfavourable wind conditions in France. The increase in income, EBITDA(A) and operating income mainly stems from higher energy sales income for sites benefiting from the feed-in premium due to high market prices in France. The commissioning of new wind and solar farms and increased revenues from power plants selling at market prices also explain part of the increase.

Note that a legislative proposal regarding additional compensation contracts, which provides for revenue sharing between the French government and producers based on a threshold price to be determined annually by ministerial order, is currently under parliamentary review. As a result, the Company may be required to repay a portion of the amounts collected in 2022 if the legislation is passed retroactively.

For the three months ended June 30, 2022, Boralex posted net earnings of $14 million ($14 million) compared to net loss of $12 million ($12 million) for the corresponding period in 2021. The net earnings attributable to Boralex shareholders were $10 million ($10 million) or $0.10 ($0.10) per share (basic and diluted), compared to a net loss of $16 million ($16 million) or $0.16 ($0.16) per share (basic and diluted) for the corresponding period in 2021. The increase in net earnings is attributable to the increase in operating income.

Six-month periods ended June 30

 

Consolidated

Combined1

(in millions of Canadian dollars, unless otherwise specified)

2022

2021

Change

2022

2021

Change

 

 

$

 

%

 

 

 

$

 

%

 

Power production (GWh)2

2,979

2,952

27

 

1

 

3,327

3,315

12

 

 

Revenues from energy sales and feed-in premium

395

353

42

 

12

 

433

392

41

 

10

 

Operating Income

136

102

34

 

35

 

158

124

34

 

28

 

EBITDA(A)3

294

257

37

 

15

 

316

279

37

 

13

 

Net earnings

71

28

43

 

>100

 

71

32

39

 

>100

 

Net earnings attributable to shareholders of Boralex

60

20

40

 

>100

 

60

24

36

 

>100

 

Per share - basic and diluted

$0.59

$0.18

$0.41

 

>100

 

$0.59

$0.23

$0.36

 

>100

 

Net cash flows related to operating activities

234

217

17

 

8

 

 

 

Cash flows from operations1

222

181

41

 

23

 

 

 

 

As at
June 30

As at
Dec. 31

Change

As at
June 30

As at
Dec. 31

Change

 

 

$

 

%

 

 

 

$

 

%

 

Total assets

6,305

5,751

554

 

10

 

6,685

6,162

523

 

8

 

Debt - principal balance

3,256

3,682

(426

)

(12

)

3,593

4,030

(437

)

(11

)

Total project debt

2,956

3,141

(185)

 

(6)

 

3,293

3,489

(196

)

(6)

 

Total corporate debt

300

541

(241

)

(45

)

300

541

(241

)

(45

)

For the six-month period ended June 30, 2022, Boralex produced 2,979 GWh (3,327 GWh) of power, up 1% (stable) compared to the 2,952 GWh (3,315 GWh) produced in the same period in 2021. For the six-month period ended June 30, 2022, revenues from energy sales and feed-in premiums amounted to $395 million ($433 million), up $42 million ($41 million) or 12% (10%) from the same period in 2021, while EBITDA(A) was $294 million ($316 million), $37 million ($37 million) or 15% (13%) higher than the same period last year. Operating income totalled $136 million ($158 million), up $34 million ($34 million) over the same period in 2021. The increase in income, EBITDA(A) and operating income mainly stems from higher energy sales for sites benefiting from the feed-in premium due to high market prices in France. The commissioning of new wind and solar farms and increased revenues from power plants selling at market prices also explain part of the increase.

As mentioned in the quarterly results section, a legislative proposal regarding additional compensation contracts, which provides for revenue sharing between the French government and producers based on a threshold price to be determined annually by ministerial order, is currently under parliamentary review. As a result, the Company may be required to repay a portion of the amounts collected in 2022 if the legislation is passed retroactively.

Overall, for the six-month period ended June 30, 2022, Boralex posted net earnings of $71 million ($71 million) compared to net earnings of $28 million ($32 million) for the corresponding period in 2021. The net earnings attributable to Boralex shareholders were $60 million ($60 million) or $0.59 (0.59 $) per share (base and diluted), compared to $20 million ($24 million) or $0.18 ($0.23) per share (base and diluted) for the same period in 2021. This increase is mainly due to an increase in operating income.

Outlook

On June 17, 2021, Boralex's management unveiled an updated strategic plan that will guide efforts to achieve its new corporate targets for 2025. Boralex's 2025 Strategic Plan is built around the four strategic directions of the plan launched in 2019—growth, diversification, customers and optimization—and six corporate targets. The details of this plan, which also incorporates Boralex’s CSR strategy, are included in the Corporation’s annual report.

Highlights of the main achievements of the quarter ended June 30, 2022 in relation to the 2025 Strategic Plan can be found in the 2022 Interim Report 2 available in the Investors section of Boralex's website.

In the coming quarters, Boralex will continue to work on its various initiatives under this plan, including project development and the analysis of acquisition targets, and the optimization of power sales contract management.


1 Combined, Cash Flow from operations and Discretionary Cash Flows are non-GAAP financial measures and do not have a standardized definition under IFRS. Therefore, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
2 Power production includes the production for which Boralex received financial compensation following power generation limitations imposed by its clients since management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed-in premium.
3 EBITDA(A) is a total of sector measures. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.

To pursue its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 3,889 MW in wind and solar projects and 203 MW in energy storage projects, as well as a 706 MW Growth Path in wind and solar projects and 3 MW in storage projects.

Dividend declaration

The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on September 16, 2022, to shareholders of record at the close of business on August 31, 2022. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89(14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

About Boralex

At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has more than doubled to 2.5 GW. We are developing a portfolio of close to 4 GW in wind and solar projects and over 200 MW in storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

For more information, go to www.boralex.com or www.sedar.com. Follow us on Facebook, LinkedIn and Twitter.

Non-IFRS measures

Performance measures

In order to assess the performance of its assets and reporting segments, Boralex uses performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. The non-IFRS and other financial measures should not be considered as a substitute for IFRS measures.

These non-IFRS financial measures are derived primarily from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. Non-IFRS and other financial measures are not audited. They have important limitations as analytical tools and investors are cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

Non-IFRS financial measures

Specific financial
measure

Use

Composition

Most directly
comparable
IFRS measure

Financial data - Combined (all disclosed financial data)

To assess the operating performance and the ability of a company to generate cash from its operations.

The Interests represent significant investments by Boralex.

Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share (ranging from 50% to 59.96%) in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

Respective financial data - Consolidated

Cash flows from operations

To assess the cash generated by the Company's operations and its ability to finance its expansion from these funds.

Net cash flows related to operating activities before changes in non-cash items related to operating activities.

Net cash flows related to operating activities

Discretionary cash flows

To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long- term value of the business.

Corporate objectives for 2025from the strategic plan.

Net cash flows related to operating activities before "change in non-cash items related to operating activities,” less (i) distributions paid to non-controlling shareholders, (ii) additions to property, plant and equipment (maintenance of operations), (iii) repayments on non-current debt (projects) and repayments to tax equity investors; (iv) principal payments related to lease liabilities; (v) adjustments for non-operational items; plus (vi) development costs (from the statement of earnings).

Net cash flows related to operating activities



Non-IFRS financial measures

Specific financial
measure

Use

Composition

Most directly
comparable
IFRS measure

Available cash and cash equivalents

To assess the cash and cash equivalents available, as at balance sheet date, to fund the Corporation's growth.

Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded.

Cash and cash equivalents

Available cash resources and authorized financing facilities

To assess the total cash resources available, as at balance sheet date, to fund the Corporation's growth.

Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents.

Cash and cash equivalents


Other financial measures - Total of segments measure

Specific financial measure

Most directly comparable IFRS measure

EBITDA(A)

Operating income


Other financial measures - Supplementary Financial Measures

Specific financial measure

Composition

Anticipated production

Production that the Company anticipates for the oldest sites based on adjusted historical averages, commissioning and planned shutdowns and, for other sites, based on the production studies carried out.

Credit facilities available for growth

The credit facilities available for growth include the unused tranche of the parent company's credit facility, apart from the accordion clause, as well as the unused tranche of the construction facility.

Combined

The following tables reconcile Consolidated financial data with data presented on a Combined basis:

 

2022

2021

 

(in millions of Canadian dollars) (unaudited)

Consolidated

Reconciliation(1)

Combined

Consolidated

 

Reconciliation(1)

Combined

 

Three-month periods ended June 30:

 

 

 

 

 

 

Power production (GWh)(2)

1,298

154

1,452

1,323

 

162

1,485

 

Revenues from energy sales and feed-in premium

168

17

185

147

 

17

164

 

Operating Income

45

8

53

24

 

9

33

 

EBITDA(A)

121

12

133

106

 

11

117

 

Net earnings

14

14

(12

)

(12

)


Six-month periods ended June 30:

 

 

 

 

 

 

Power production (GWh)(2)

2,979

348

3,327

2,952

363

3,315

Revenues from energy sales and feed-in premium

395

38

433

353

39

392

Operating Income

136

37

158

102

22

124

EBITDA(A)

294

22

316

257

22

279

Net earnings

71

71

28

4

32


 

As at June 30, 2022

As at December 31, 2021

Total assets

6,305

380

6,685

5,751

411

6,162

Debt - Principal balance

3,256

337

3,593

3,682

348

4,030


(1)

Includes the respective contribution of Joint Ventures and associates as a percentage of Boralex's interest less adjustments to reverse recognition of these interests under IFRS.

(2)

Includes financial compensation following electricity production limitations imposed by clients.

EBITDA(A)

EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition costs, other loss (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), the last two items being included under Other.

Management uses EBITDA(A) to assess the performance of the Corporation's reporting segments.

EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

 

2022

 

2021

 

Variation
2022 vs 2021

(in millions of Canadian dollars) (unaudited)

Consolidated

 

Reconciliation(1)

 

Combined

 

Consolidated

 

Reconciliation(1)

 

Combined

 

Consolidated

 

Combined

 

Three-month periods ended June 30:

 

 

 

 

 

 

Operating income

45

 

8

 

53

 

24

 

9

 

33

 

21

 

20

 

Amortization

72

 

6

 

78

 

73

 

5

 

78

 

(1

)

 

Impairment

2

 

1

 

3

 

1

 

 

1

 

1

 

2

 

Share in earnings of Joint Ventures and Associates

10

 

(10

)

 

(1

)

1

 

 

11

 

 

Change in fair value of a derivative included in the share of the Joint Ventures

(8

)

8

 

 

4

 

(4

)

 

(12

)

 

Other gains

 

(1

)

(1

)

5

 

 

5

 

(5

)

(6

)

EBITDA(A)

121

 

12

 

133

 

106

 

11

 

117

 

15

 

16

 

 

 

 

 

 

Six-month periods ended June 30:

 

 

 

 

 

 

Operating income

136

 

22

 

158

 

102

 

22

 

124

 

34

 

34

 

Amortization

144

 

12

 

156

 

148

 

10

 

158

 

(4

)

(2

)

Impairment

3

 

1

 

4

 

2

 

 

2

 

1

 

2

 

Share in earnings of Joint Ventures and Associates

34

 

(34

)

 

9

 

(9

)

 

25

 

 

Excess of the interest over the net assets of Joint Venture SDB I

 

 

 

6

 

(6

)

 

(6

)

 

Change in fair value of a derivative included in the share of the Joint Ventures

(23

)

23

 

 

(5

)

5

 

 

(18

)

 

Other gains

 

(2

)

(2

)

(5

)

 

(5

)

5

 

3

 

EBITDA(A)

294

 

22

 

316

 

257

 

22

 

279

 

37

 

37

 


(1)

Includes the respective contribution of Joint Ventures and associates as a percentage of Boralex's interest less adjustments to reverse recognition of these interests under IFRS.


Cash flow from operations and discretionary cash flows

The Corporation computes the cash flow from operations and discretionary cash flows as follows:   

 

Consolidated

 

Three-month periods ended

Three-month periods ended

(in millions of Canadian dollars) (unaudited)

June 30,
2022

 

June 30,
2021

 

June 30,
2022

 

December 31,
2021

 

Net cash flows related to operating activities

97

 

84

 

362

 

345

 

Changes in non-cash operating items

(11

)

(18

)

42

 

18

 

Cash flows from operations

86

 

66

 

404

 

363

 

Repayments on non-current debt (projects)(1)

(69

)

(72

)

(218

)

(222

)

Adjustment for non-operating items(2)

4

 

2

 

6

 

8

 

 

21

 

(4

)

192

 

149

 

Principal payments related to lease liabilities

(3

)

(2

)

(16

)

(13

)

Distributions paid to non-controlling shareholders

(10

)

(6

)

(23

)

(20

)

Additions to property, plant and equipment (maintenance of operations)

(3

)

(1

)

(12

)

(8

)

Development costs (from statement of earnings)

8

 

6

 

28

 

24

 

Discretionary cash flows

13

 

(7

)

169

 

132

 


(1)

Excluding VAT bridge financing and early debt repayments.

(2)

For the three-month period ended June 30, 2022, favourable adjustment of $4 million consisting mainly of transactions and acquisition costs. For the twelve-month period ended June 30, 2022, favourable adjustment of $6 million consisting mainly of transactions and acquisition costs. For the twelve-month period ended December 31, 2021, favourable adjustment of $8 million consisting of $5 million of expense payments and assumed liabilities related to acquisitions as well as $3 million for previous financing arrangements or amount not related to operating sites.

Available cash and cash equivalents and available cash resources and authorized credit facilities

The Corporation defines available cash and cash equivalents as well as available cash and authorized financing facilities as follows:

 

Consolidated

 

As at June 30

As at December 31

(in millions of Canadian dollars) (unaudited)

2022

 

2021

 

Cash and cash equivalents

701

 

256

 

Cash and cash equivalents earmarked for known short-term requirements

(280

)

(220

)

Available cash and cash equivalents

421

 

61

 

Credit facilities available to fund growth

500

 

339

 

Available cash resources and authorized financing facilities

921

 

400

 

Disclaimer regarding forward-looking statements

Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Company’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Company’s financial targets, the partnership with Énergir and Hydro-Québec for the elaboration of three 400 MW projects for which the development will depend on Hydro-Québec's changing needs, the portfolio of renewable energy projects, the Company’s Growth Path and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

Forward-looking statements are based on major assumptions, including those about the Company’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Company considers these factors and assumptions to be reasonable, based on the information currently available to the Company, they may prove to be inaccurate.

Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Company’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the Company’s financing capacity, competition, changes in general market conditions, industry regulations and amendments thereto, litigation and other regulatory issues related to projects in operation or under development, as well as other factors listed in the Company’s filings with the various securities commissions.

Unless otherwise specified by the Company, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Company’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward-looking statements in light of new information, future events or other changes.

Percentage figures are calculated in thousands of dollars.

For more information:

 

 

Media

Investor Relations

Camille Laventure

Stéphane Milot

Advisor, Digital Communications

Senior Director, Investor Relations

Boralex Inc.

Boralex Inc.

438-883-8580

514 213-1045

camille.laventure@boralex.com

stephane.milot@boralex.com

 

 

Source: Boralex Inc.