Boralex discloses its results for the second quarter of 2018
A series of acquisitions strengthens Boralex’s industry-leading position
Montréal, August 10, 2018 – For the three-month period ended June 30, 2018, Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) announces that EBITDA(A) was comparable to that recorded in the corresponding quarter of 2017. Contributions from assets acquired and commissioned over the past twelve months offset the effect of less favourable weather conditions on production at existing facilities, including wind farms, both Canadian and French, and hydroelectric power stations in the United States.
“The prevailing weather conditions did not allow us to achieve the expected operating results, but it’s important to note that the quarter provided an opportunity to significantly strengthen our position as an industry leader in our main markets,” said Patrick Lemaire, President and Chief Executive Officer of Boralex. “In addition to an immediate contribution to operating results, the Kallista1 assets acquired and commissioned and the announced acquisition of the interests of Invenergy2 in five wind farms across Canada will significantly increase our flexibility as a wind farm operator. Moreover, it will allow us to realize significant operational synergies over time, making it easier to forge new partnerships and negotiate favourable supply contracts.”
Mr. Lemaire also noted his great satisfaction with the successful completion of the public and private placements to finance the acquisition of Invenergy’s interests: “The success of these investments, including the exercise of the full over-allotment option, has once again confirmed the financial markets’ confidence in our business model and strategy. These investments, coupled with the conclusion in July of an additional joint investment of $100 million in the Corporation in the form of unsecured subordinated debt maturing in 2028 by the Caisse de dépôt et placement du Québec ($80 million) and the Fonds de solidarité FTQ ($20 million), provide us with a strengthened balance sheet that we can count on to continue on our growth path, while creating value for our shareholders.”
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