We look at every project, every site, every community and every market with a fresh perspective, and with the goal of finding the smartest and most effective solution.
We contribute every day to accelerating the global energy transition. Joining us means evolving in an environment that promotes autonomy, a sense of purpose, and the well-being of our teams.
Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to report its results for the third quarter and nine-month period ended September 30, 2024.
We are pleased to report on the substantial developments within our secured project pipeline. Construction is proceeding apace at our Apuiat and Limekiln wind projects in Québec and Scotland, with commissioning of both projects planned for later this year. We have also commenced construction on our Hagersville and Tilbury storage projects in Ontario, which are scheduled for commissioning at the end of 2025. These developments confirm our teams’ ability to successfully execute projects on time in a variety of geographical settings, which bodes well for future projects. Demand in our target markets remains strong and we are well positioned to meet it. In particular, Hydro-Québec’s plan to rapidly develop 10 GW of projects, the Ontario government’s announcement of a 5 GW competitive energy procurement and the announcement of major initiatives linked to an accelerated energy transition in the United Kingdom represent strong growth potential for the Company.
This quarter, Boralex recorded a low level of production owing to adverse weather conditions in both Canada and France. In the past few years we have seen the volatility of the resource in our segment grow from quarter to quarter, which makes it more difficult to plan and manage production without however affecting mid to long term annual production forecasts. The fluctuating weather conditions underscore the need to diversify both geographically, notably in the UK and technologically in order to strengthen the resilience of our business and ensure more stable production. We are also working to optimize our revenues by diversifying our electricity selling price optimization strategy, and on that front we are very proud to announce the signature of two corporate power purchase agreements in France with leading industrial players Nestlé and Saint-Gobain.
Finally, Boralex continues to excel on the corporate social responsibility front. In the third quarter, the Company announced that it was one of the few companies 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 achieve carbon neutrality by 2050.
