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Boralex announces its results for the second quarter of 2016

Boralex announces its results for the second quarter of 2016


Boralex Inc.  announced recently its results for the second quarter ended June 30, 2016. Power production, revenues from energy sales, EBITDA(A) and net cash flows related to operating activities were all up compared with the results of the second quarter ended June 30, 2015. Boralex also benefited from the contributions of six new facilities commissioned in the second half of 2015 as well as the favourable changes in the euro and the U.S. dollar. Moreover, in spite of less favourable weather conditions at existing wind facilities in France, in Canada and at our hydroelectric sites in the U.S. that partly offset the contributions of new facilities, EBITDA(A) and cash flows from operations continued their growth for the second quarter.

Commenting on the quarterly results as well as recent achievements, Boralex President and Chief Executive Officer Patrick Lemaire pointed out “Our key financial indicators showed growth even if our production volumes have been impacted by the vagaries of the weather and the typical seasonal factors seen for the second quarter. With respect to our projects currently under development, we continue to maintain our rigorous approach in their execution, both from a timeline, as well as from a budget standpoint, while we continue to develop our pipeline. Moreover, our excellent financial flexibility allows us to strike a fine balance between achieving our growth objectives and the future compensation of our shareholders in the form of dividends.”
At the operational level, Boralex recently started construction on the Port Ryerse wind power station (10 MW / Ontario) and the Moose Lake wind power project (15 MW / British Colombia), slated for commissioning at the end of 2016 and in 2017, respectively. Furthermore, the Corporation closed a financing arrangement for the Plateau de Savernat and Avignonet II wind farms in France for a total amount of €20.4 million (C$29.2 million).

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Anand Gupta Editor - EQ Int'l Media Network


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