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Combined Production: Down 1% compared to Q1 2024.
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Combined EBITDA: $199 million, a decrease of $19 million from Q1 2024.
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Consolidated AFFO: $74 million, down $4 million from Q1 2024.
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North America Wind Production: 15% higher than Q1 2024.
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North America Hydro Production: 29% lower than Q1 2024.
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North America Solar Production: 17% higher than Q1 2024.
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Europe Production: 16% lower than Q1 2024.
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Available Cash Resources: $504 million.
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Cash and Cash Equivalents: $388 million as of March 31.
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Total Debt: Increased by $41 million, with project debt representing 89%.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Boralex Inc (BRLXF) successfully commissioned the Limekiln wind farm in Scotland, marking its first operating asset in the United Kingdom, which is a promising market for the company.
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The company has over 3.2 gigawatts of assets in operation and 660 megawatts of projects in construction and ready-to-build phases, with commercial operations planned for 2025 and 2026.
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Boralex Inc (BRLXF) is making strong progress on its growth and diversification strategies, particularly in Canada and the UK, with several projects under construction.
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The company has a robust pipeline of nearly 7.1 gigawatts of wind, solar, and storage projects in early, mid, and advanced stages.
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Boralex Inc (BRLXF) maintains a solid balance sheet with $504 million in available cash resources and authorized financing, providing financial flexibility to support growth.
Negative Points
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Total combined production was down 1% compared to the same quarter last year and 11% lower than anticipated due to unfavorable weather conditions in France.
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EBITDA decreased by $19 million compared to Q1 2024, primarily due to lower wind resources in France and less favorable power prices in short-term contracts.
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The Apuiat project in Canada experienced higher costs due to difficulties with the BOP supplier contractor and adverse winter conditions, leading to cost overruns.
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Ongoing uncertainty in the United States regarding potential policy changes and tariffs has led to economic volatility, impacting near-term operations.
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Some advanced stage projects were discontinued due to delays in obtaining authorizations and mismatches between available and permitted turbine sizes, affecting the project pipeline.
Q & A Highlights
Q: Can you explain the cost increases at the Apuiat project and how you feel about costs for the rest of your construction pipeline? A: The cost increases at Apuiat were driven by difficulties with the BOP supplier contractor, which delayed the project during winter, leading to higher costs. We also faced a tough winter in Quebec. For other projects, such as Hagersville and Tilbury, costs are on track, and we do not expect increases. We have optimized our processes to mitigate future risks.