Boralex recorded an increase in profit in the first quarter of 2024 thanks in particular to the increase in production from wind farms in North America.
The renewable energy producer’s net profit amounted to 73 million for the quarter ended March 31, up 28 million compared to the same period last year.
The company also reported growth in its combined adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). This amounted to 218 million for the first three months of the year, compared to 190 million at the same date in 2023.
“This growth is mainly attributable to the increase in production of wind farms in North America, the contribution of the sites commissioned and the optimization of our marketing strategy in France,” affirmed the president and head of the management of Boralex, Patrick Decostre, in a press release.
Revenues, for their part, fell by 13% to reach 259 million. The main factor behind this drop is the reduction in sales prices in France, Boralex indicated.
The company reports that it produced 1,767 gigawatt hours (GWh) in the first quarter, which represents an increase of 4% compared to the same period last year. The commissioning in France and the good performance of wind sites mainly explain this positive result, Boralex mentioned.
Mr. Decostre affirms that the company will continue to develop different markets in the coming quarters, specifying that it is actively preparing to respond to the next calls for tenders in Quebec, Ontario, New York State, the United Kingdom. United and in France.