Boralex adds 180 MW to its project portfolio and posts net earnings of $38 million in Q1 2021

MONTREAL, May 5, 2021

• Discretionary cash flow over the last 12 months at $142 million, in line with the 2023 target of $140 to $150 million
• EBITDA(A) of $151 million ($162 million) in Q1-2021 compared to $149 million ($169 million) in Q1-2020
• Net earnings of $38 million ($43 million) in Q1-2021 vs $44 million ($37 million) in Q1-2020
• Total combined production in line with corresponding quarter in 2020
• Total production: in line with Q1-2020 and 1% below anticipated production ¹
• Wind production: decrease of 4% compared to Q1-2020 and 1% below anticipated production
• Recent acquisitions and projects commissioning met expectations
• Contribution of $29 million ($20 million) to EBITDA(A) from acquisitions of CDPQ's equity interests in three wind farms in Quebec, seven solar farms in the United States, as well as projects commissioning
• Additional 180 MW in new projects and good progress of projects in development
• Addition of 180 MW to project portfolio: 143 MW in solar power and 37 MW in wind power
• Progress in the Growth Path of 71-MW Moulins du Lohan wind project in France following a favorable decision by the Conseil d'État
• Commissioning on May 1 of the Bazougeais wind farm in France, with an additional 12 MW in total installed capacity
• Signing of a five-year renewable power purchase agreement to benefit IBM France
• Sale of the Blendecques power station in France, the Company's last fossil fuel facility, thus making Boralex a 100% renewable energy producer

MONTREAL, May 5, 2021 /PRNewswire/ - For the quarter ending March 31, 2021, Boralex Inc. ("Boralex" or the "Company") (TSX: BLX) continued to add new projects to its project portfolio and to advance existing projects to the secured and ready to build phases of its Growth Path. The Company also generated production in line with the corresponding quarter of 2020.

"Since the beginning of the year, we have kept the course on our strategic plan and have continued to generate a high level of discretionary cash flow, one of our three financial objectives for 2023," stated Boralex President and CEO, Patrick Decostre. "Our two most recent acquisitions and projects commissioning were in line with our expectations. Wind conditions in France were in line with anticipated production but lower than the exceptionally strong conditions of first quarter 2020," Mr. Decostre added.

Early in 2021, major announcements were made regarding two large-scale projects: the signing of the 200 MW Apuiat wind project contract in Quebec (100 MW net to Boralex), in partnership with the Innu's and the favorable decision on the 71 MW Moulins du Lohan wind farm project in Brittany, France. These announcements are very encouraging for the Company's continued growth. Boralex also released its first Corporate Social Responsibility (CSR) report, Beyond Renewable Energy.  The report, which is separate from the annual report, depicts the rigorous approach taken by the Company in developing its CSR strategy, which is fully aligned with its strategic plan and its financial objectives. In 2021, Boralex is focusing on the following issues: diversity and equal opportunities, reporting on greenhouse gas emissions, and occupational health and safety, including mental health.

__________________________

(1) Calculated based on adjusted historical averages of commissioning and planned outages for experimental and other sites, based on producible material studies performed.

(2) The figures in brackets reflect the combined EBITDA(A), versus those calculated according to the IFRS. See the "Combined EBITDA(A) — Non-IFRS Measures" section below. ARIVA.DE Börsen-Geflüster Kurse Boralex A 23,43 $ +1,12%

Regarding the Company's outlook, Mr. Decostre stated, "Over the next quarter, we will continue to enhance our strategic plan to consider greater opportunities arising from the acceleration of the green energy transition following the publication of recovery plans by various governments around the world. This update, along with a review of our 2023 financial objectives given our strong performance over the last two years, will be unveiled on June 17, 2021 during an Investor Day," he added.

1^st quarter of 2021 highlights
Three-month periods ended March 31                                           

		IFRS				Combined (1)
(in millions of Canadian dollars, unless otherwise	2021	2020		Change	2021	2020		Change
specified) (unaudited)			$	%			$	%
Power production (GWh)(2)	1,630	1,533	97	6	1,830	1,837	(7)	—
Revenues from energy sales and
feed-in premium	206	200	6	3	228	232	(4)	(2)
EBITDA(A)(1)	151	149	2	1	162	169	(7)	(4)
Net earnings	38	44	(6)	(13)	43	37	6	18
Net earnings (loss) attributable to
shareholders of Boralex	34	41	(7)	(18)	39	34	5	15
Per share - basic and diluted	$0.33	$0.43	($0.10)	(23)	$0.38	$0.35	$0.03	8
Net cash flows related to operating
activities	133	133	—	—	132	136	(4)	(1)
Cash flows from operations (1)	115	124	(9)	(7)	125	137	(12)	(8) Werbung Mehr Nachrichten zur Boralex A Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 27.05.24 - ARIVA.DE Redaktion Kurs von Deutschen Börse fällt ab (183,40 €) 27.05.24 - ARIVA.DE Redaktion Aktienmarkt: Munich Re-Aktie tritt auf der Stelle (461,50 €) 27.05.24 - ARIVA.DE Redaktion DAX tritt auf der Stelle (18.710 Pkt.)