Boralex’s wind power generation in France was 20% below the historical average. Solar energy production, for its part, is 10% below average. (Photo: The Canadian Press)
–
Kingsey Falls – Boralex (BLX) has applied for an 800 megawatt (MW) solar power contract in New York State, the Kingsey Falls company confirmed on Friday.
The renewable energy producer presented its submission in late August to the New York State Energy Research and Development Authority. The answer should be known “over the next few months,” the company said on the sidelines of the release of its third quarter results.
Even though management had said it was preparing a quote in its previous results in early August, Bill Cabel of Desjardins Capital Markets said it was important news for the company. . “It’s a huge offer and we are looking forward to the results,” he comments.
The US government wants renewable energies to represent 70% of its energy consumption by 2030. Boralex is not the only Quebec company to have major contracts there.
At the end of September, Hydro-Quebec announced a 25-year contract with New York State. From 2025, the state-owned company will provide it with nearly 10.4 terawatt-hours of electricity, which represents the electricity consumption of approximately one million households.
At the end of October, Innergex and Hydro-Québec also jointly acquired two hydroelectric facilities in New York producing 60 MW.
Weather situation
Weather conditions impacted energy production during the three-month period ended September 30, as did Innergex, which released its results on Wednesday.
Boralex’s wind power generation in France was 20% below the historical average. Solar energy production, for its part, is 10% below average.
“The contribution of acquisitions and commissionings over the past year as well as favorable hydraulic conditions in the eastern United States more than offset the less favorable wind conditions in Canada and France compared to the third quarter of 2020 ”, Stated the President and CEO of Boralex, Patrick Decostre, in a press release.
The company nonetheless increased its total production to 1,108 gigawatt hours (GWh), which represents an increase of 40%.
Boralex recorded a net loss of $ 22 million, compared to a net loss of $ 8 million for the corresponding period last year.
Consolidated earnings before taxes, interest, depreciation and amortization (EBITDA) reached $ 93 million, up 12%. Prior to the release of the results, financial analysts polled by Refinitiv on average expected such a profit of $ 90.6 million.
– .
