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Combining sustainable growth with performance: Boralex announces its strategic plan and financial objectives for 2030

17 June 2025 / Press releases

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Execution of sustained organic growth in Canada, certain U.S. states, France, and the United Kingdom, derived from high quality pipeline of projects and growth path totaling 8 GW.

Montréal (Québec), June 17, 2025 - Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) announces its Strategic Plan and Financial Objectives for 2030.

2030 Strategy Highlights

  • Acceleration of organic growth, leveraging our high-quality pipeline of projects and growth path 
  • Maintain disciplined financial management with precise expected returns indicators, a solid balance sheet, flexible and agile financing and the introduction of a cash flows per share growth objective. 
  • Three simplified pillars: growth, efficiency and long-term differentiation.
  • Two markets in strong leadership position: Canada, with strong growth potential in Quebec and Ontario, and France, with significant potential to optimize revenues and cash flows from operating assets.
  • Two expanding markets: certain U.S. states, including solar in New York State, and the United Kingdom through the development of a long-term growth platform.
  • Increase in the weighted average remaining contract duration1 from 11 years in 2024 to 14 years by 2030.
  • Keeping up the pace of growth: double the Company’s installed capacity2 every five years within a diverse, inclusive, and responsible work environment aimed at a net-zero trajectory by 2050.

We are very proud to present the results of our 2030 strategic planning exercise. In a context where climate risk remains one of the main business risks globally, our strategy aims to combine sustainable growth with performance through the production of renewable and affordable energy,” said Patrick Decostre, President and Chief Executive Officer of Boralex. “By executing this plan, we are unlocking the full potential of our business model, which will allow us to seize the most promising opportunities in the four markets where we are already active and where demand for renewable energy is growing rapidly.

This growth, supported by a development projects pipeline and growth path of 8 GW, will be carried out in a disciplined manner and will continue to focus on securing long-term power purchase agreements with an increasingly diversified customer base. Moreover, the increase in the weighted average remaining duration of our contracts from 11 to 14 years will enable us to implement highly competitive financing structures and reinvest these long-term secured funds into an increasing number of profitable projects in the coming years.

Patrick Decostre
President and Chief Executive Officer

Boralex’s 2030 Strategy is rooted in a long-term value creation perspective, as it will enable targeted investments in projects that will materialize not only over the next five years, but also in following years, replicating the approach adopted in the 2021-2025 Strategic Plan. The 2030 Strategy builds on the significant efforts made over the past five years to create a high-quality development portfolio, enabling us to set fully organic growth targets over which we have greater control. As a result, this approach carries a lower level of risk compared to the previous plan, which relied on an important expected portion coming from mergers and acquisitions.

Financial objectives and main business indicators 2025-20303

100% Organic financial objectives

  • Compound annual growth rate (CAGR)4 of operating income between 12% to 14%, consolidated EBITDA(A)4 between 7% to 9% and combined EBITDA(A)4 between 8% to 10%.
  • CAGR of cash flows related to operating activities per share4 and of discretionary cash flows per share4 between 8% to 10%. 
     

Main business indicators

  • Total planned investments4 of $6.8 billion plus $1.2 billion for projects scheduled to be commissioned after 2030.
  • Minimum levered internal rate of return (IRR)4 on investments threshold between 10% and 12% adjusted for specific risks by region and technology as well as changes in cost of capital.
  • Payout ratio4 of 20% to 40% of discretionary cash flows.

Boralex will continue to grow by applying the same financial discipline that has driven its success in recent years. We will become even more agile by further diversifying our sources of financing. This will include a proactive approach to capital recycling for our most mature assets or those with high value-creation potential, as well as evaluating partnerships for larger-scale projects.

Our 100% organic financial objectives reflect the high potential of our development pipeline and growth path, which has nearly tripled over the past five years. We are also introducing a new target in this plan: the growth of discretionary cash flows per share—a metric aligned with investor expectations and with the variable compensation of our employees. We are therefore highly confident that these objectives, combined with our discipline, will enable Boralex to maximize value creation for its shareholders and all stakeholders.

Bruno Guilmette
Senior Vice President and Chief Financial Officer

Investor Day 2025

Boralex presented its 2030 Strategy and objectives to a group of investors, financial analysts, and bankers gathered in Toronto. The presentation was also broadcast live for business partners who were unable to attend in person. On this occasion, the executive team and regional leaders outlined the key elements and financial targets of the 2030 Strategy, the various growth opportunities and outlooks by region and technology, as well as the company’s approach to risk management and sustainability. A replay of the event and all presentation materials are available on Boralex’s website in the Investors section.  

Read the full press release

1- The weighted average remaining duration also includes non-activated contracts for newly commissioned sites.
2- Installed capacity reflects 100% of Boralex’s subsidiaries in which Boralex is the controlling shareholder. It also reflects Boralex’s share in entities over which it does not have control, and which are accounted for using the equity method.
3- For more information on the key assumptions and risk factors related to the targets of the 2030 strategic plan, refer to the section Non-IFRS financial measures and other financial measures of this press release.
4- The compound annual growth rate, cash flows from operating activities per share, total planned investments, and internal rate of return are additional financial measures. The Combined is a non-GAAP financial measure and does not have a standardized definition under IFRS. Therefore, this measure may not be comparable to similar measures used by other companies. Discretionary cash flows per share and the payout ratio are non-GAAP ratios and do not have a standardized definition under IFRS. EBITDA(A) is a total of sector measures. In 2024, net cash flows from operating activities amounted to $411 million, after adjusting to exclude the change in accounts payable related to the inframarginal rent contribution, representing an amount of $196 million. This adjustment primarily reflects a payment made during the third quarter of the fiscal year. The inframarginal rent contribution is no longer applicable in 2025. For more details, refer to the section Non-GAAP Financial Measures and Other Financial Measures in this press release.