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Boralex (TSX:BLX) has released its first quarter financial results for the quarter ended March 31, 2017. As quoted in the press release: Production, revenues from energy sales and EBITDA(A) reached new quarterly highs. In commenting on the quarter’s achievements, Patrick Lemaire, President and Chief Executive Officer noted, “Our most recent results clearly demonstrate the advantages …
Boralex (TSX:BLX) has released its first quarter financial results for the quarter ended March 31, 2017.
As quoted in the press release:
Production, revenues from energy sales and EBITDA(A) reached new quarterly highs.
In commenting on the quarter’s achievements, Patrick Lemaire, President and Chief Executive Officer noted, “Our most recent results clearly demonstrate the advantages of our geographical diversification, and they also highlight our ability to grow our pipeline of projects and seize attractive acquisition opportunities to the benefit of our shareholders and partners.”
Boralex benefited in particular from the contribution of the Niagara Region Wind Farm (NRWF) acquired early in the year, the addition of four new power generation facilities in 2016, and the solid performance of the majority of its North American assets. These factors combined to offset the effect of less favourable wind conditions in France.
Financial highlights
During the first quarter, Boralex closed the largest acquisition in its history, the 230 MW NRWF wind farm, which represented an immediate increase of over 20 % in its installed capacity. Concurrently, the Corporation issued 10.4 million additional shares, reflecting the conversion of subscription receipts offered in December 2016 at the time of the initial announcement of the transaction. As a result of the transaction, the total number of outstanding shares of Boralex increased by about 16 % to 75.8 million. At the same time, Boralex’s float increased to more than 57 million shares, representing close to 76 % of outstanding shares.
Following this significant transaction and in recognition of its new size and enhanced liquidity profile, Boralex has also been listed on the S&P/TSX Composite Index. As the Index is one of the key indicators used by Canadian portfolio managers to measure relative performance, this important milestone is expected to support the future liquidity of Boralex’s securities.
