Boralex reports net earnings of $74 million for fiscal 2024 and continues construction of its large-scale projects
Press Release
Montreal, Québec, February 28, 2025 — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the three-month period and year ended December 31, 2024.
Highlights
Financial results
⦁ EBITDA(A)1, operating income and net earnings under pressure in Q4-2024 owing to adverse wind and hydropower conditions
⦁ Production 16% (11% on a Combined1 basis)2 lower than in Q4-2023 and 16% (12%) below anticipated production1, due primarily to the adverse climate conditions. For fiscal 2024 overall, production was 5% (2%) lower than in 2023 and 10% (8%) below anticipated production.
⦁ EBITDA(A) of $169 million ($191 million) for Q4-2024, down $33 million ($38 million) from Q4-2023. For fiscal 2024, EBITDA(A) was $581 million ($670 million), up $3 million (down $5 million) from 2023. The decrease in production was partly offset by the contribution of newly commissioned sites in France and the positive impact of the electricity selling price optimization strategy.
⦁ Operating income of $78 million ($53 million) for Q4-2024, down $20 million ($66 million) from Q4-2023. For fiscal 2024, operating income totalled $226 million ($267 million), unchanged (down $39 million) from 2023.
⦁ Net loss of $2 million in Q4-2024, down $60 million from T4-2023. For fiscal 2024, net earnings amounted to $74 million, $41 million lower than in 2023. Excluding the impairment of an asset, net earnings would have been $6 million higher in fiscal 2024 compared to fiscal 2023.
⦁ Lower cash flow related to operating activities for the quarter but balance sheet remains strong
⦁ Net cash flows related to operating activities of $31 million for Q4-2024 and $215 million for fiscal 2024, compared to $107 million for Q4-2023 and $496 million for fiscal 2023.
⦁ Discretionary cash flows1 of $47 million for Q4-2024 and $158 million for fiscal 2024, down $44 million from Q4-2023 and $26 million from fiscal 2023.
⦁ Boralex has $592 million in cash and cash equivalents and $523 million in available cash resources and authorized financing1 as at December 31, 2024.
⦁ A record of nearly $1.2 billion in project financing, bridge financing and letter of credit facilities obtained in 2024.
Update on development and construction activities
⦁ Portfolio of projects under development and growth path totalling 8,005 MW in the high growth potential markets of Canada, the United States, the United Kingdom and France, 1,227 MW or 18% higher than in 2023
⦁ Progress in under-construction and ready-to-build projects
⦁ Start of electrification of the Limekiln wind farm in the United Kingdom (106 MW) in February 2025, with full commissioning planned for early April, and work continues on the Apuiat wind farm in Quebec (total 200 MW, Boralex’s share 100 MW), with commissioning planned for the first half of 2025.
⦁ Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025. Financings closed in December 2024.
⦁ Start of work on the Des Neiges Sud wind project in Quebec (total 400 MW, Boralex’s share 133 MW), with commissioning scheduled for 2026.
⦁ Acquisition of the Clashindarroch Wind Farm Extension project in the United Kingdom, with an installed capacity of 145 MW, and the adjacent battery energy storage system (BESS) with a maximum capacity of 50 MW, for a total capacity of 195 MW. Boralex has a 50% interest, but has control over the project and will fully consolidate the results in the financial statements.
“The year 2024 proved to be full of challenges, which our employees met head-on. I would highlight in particular the significant effort our team invested in 2024 to secure nearly $1.2 billion in financing, a record for Boralex, on very good terms. Despite high volatility in the financial markets and pressure on the stock prices of renewable energy companies, notably in the wake of the
⦁ EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, 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.
⦁ Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.
American elections, we are convinced that renewable energy development will continue in many regions. Strong growth in electricity demand is expected in the regions where we are developing wind and solar farms and battery storage systems, namely Canada, the United Kingdom, the United States and France,” said Patrick Decostre, President and Chief Executive Officer of Boralex.
Renewable energy, which is the most competitive type of energy, can be brought on line to meet demand much faster than other types of energy. Boralex is in a position to capitalize on its project pipeline and growth path, which now represent more than 8 GW of power, and will continue to develop key projects with rates of return in line with its targets.
“Boralex saw its financial results decline in fiscal 2024, mainly as a result of adverse wind conditions in France and to a lesser extent in Canada, as well as impairment of an asset. During the year, we continued to implement our various initiatives aimed at optimizing administrative, financial and development costs. We ended our 2024 financial year with net earnings of $74 million, a strong balance sheet and good financial flexibility, with over $500 million in available cash resources and authorized financing,” Mr. Decostre added.
Boralex continues to excel on the corporate social responsibility front. In 2024, the Corporation announced that it was one of the few in the industry to have had its greenhouse gas emission reduction targets validated by the Science Based Targets initiative (SBTi). This recognition shows Boralex’s commitment to achieving net zero emissions by 2050. In addition, Boralex ranked 94th out of the 215 S&P/TSX Composite Index companies and trusts analysed as part of The Board Games, with a score of 80/100, while in 2023 it was 102nd with a score of 76. Finally, Boralex placed 15th in the ranking of Canada’s 50 best corporate citizens, out of the 340 leading Canadian organizations analysed.
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