Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to report a significant increase in cash flow and production capacity in the fourth quarter of 2022.
“Fiscal 2022 was marked by a significant increase in our generating capacity and project portfolio,” said Patrick Decostre, President and Chief Executive Officer of Boralex. “We crossed the milestone of 3 GW in installed capacity at year end and our portfolio of projects under development and construction totals 5.5 GW, 2.5 GW or 81% more than in 2020, which is the base year for our 2025 strategic plan. In a context where the energy transition needs to accelerate even faster to meet the short- and medium-term shortfalls in generating capacity anticipated in many markets, our 30 years of experience in renewable energies, combined with our teams’ drive and their thorough grasp of our markets, give us a clear competitive advantage.”
“Our teams showed agility, innovation and vision in the extraordinary market conditions associated with the energy crisis in Europe, as well as inflation and global supply chain pressures. As a result, we succeeded in optimizing revenues by the early termination of short term contracts allowing us to benefit from higher selling prices. We also commissioned certain assets earlier than expected and negotiated a number of contracts with electricity-consuming companies, allowing us to optimize our revenues, projects and operating assets. These actions resulted in a $15M addition to discretionary cash flows1 generated in 2022. We realized this growth while maintaining strong financial discipline in 2022 by selling 30% of our operations in France on favourable terms to a financial partner with a long-term vision and in-depth knowledge of our industry. We ended the year with a net debt to market capitalization ratio of 40% compared to 48% a year earlier and close to $500 million in cash and authorized credit as at December 31,” added Mr. Decostre.