Financial documents (PDF)


Growth Strategy

Strategic Plan and Financial Objectives for 2023

On June 18, 2019, Boralex management announced the strategic plan that will guide us to achieve the financial objectives set for 2023. The plan:

  • Builds on our solid expertise and experience in sectors with high growth potential.
  • Includes complementary initiatives to diversify and optimize our operations and revenue sources.
  • Sets out 4 main directions and 3 financial objectives and, since February 2021, 10 CSR priorities.
  • Is based on an in-depth analysis of the market and trends in the renewable energy sector.
  • Reflects the view that our industry is undergoing a profound and rapid transformation, driven mainly by technological innovations.

Strategic plan at a glance

Growing the Boralex way

Boralex has a robust business model based on income derived from long-term contracts with corporations that have strong financial positions.

  • Focused in markets with ambitious targets for renewable energy and more complex development processes creating barriers to entry for larger players.
  • Success in developing small to mid-size projects.
  • 98% of capacity under contracts with an average remaining length of 13 years.

Development Outlook

We are implementing our strategic plan based on the growth potential in the markets in which we operate.

The table below provides an overview of the installed-capacity potential of our target geographic markets in Europe and North America.

Growth Path

The Growth Path chart below shows the projects that have obtained all the authorizations required for launching construction:

Developments by Strategic Direction





Financial objectives – current status

To ensure that implementation of the strategic plan delivers disciplined growth and creates value for shareholders, Boralex management tracks three criteria as financial objectives.

Discretionary cash flows

(1) See the Non-IFRS measures section in the 2020 Annual Report.


(1) See the Non-IFRS measures section in the 2020 Annual Report.

Net installed capacity