Boralex Inc T.BLX

Growth in operating income & addition of 137 MW of projects

[Betteryear2]

Highlights

• Increases in consolidated operating income and EBITDA(A)1 in fourth quarter and fiscal year 2021
  • Operating income of $74 million ($82 million)2 for Q4-2021, up 23% (8%) from $60 million ($76 million) in 2020
  • EBITDA(A) of $152 million ($163 million) for Q4-2021, up 10% (5%) from $137 million ($155 million) in 2020
  • Operating income of $182 million ($219 million) for 2021, up 7% (down 3%) from $172 million ($225 million) in 2020
  • EBITDA(A) of $490 million ($535 million) for 2021, up 13 % (4 %) from $434 million ($513 million) in 2020
• Continuous growth in the project pipeline
  • Projects totalling 137 MW added to the “Early-stage” phase of the project pipeline
  • Three projects totalling 41 MW moved to the “Projects under construction or ready-to-build” phase of the Growth Path
• One wind farm and two solar farms commissioned in France with a total installed capacity of 30 MW
  • Boralex’s first floating solar farm commissioned, consisting of over 43,000 photovoltaic panels deployed in a 12- hectare island on the water body of an old gravel pit in the midst of a comprehensive redevelopment project.
• Production 2% higher (6% lower) than in Q4-2020 and 12% (12%) below anticipated production3
  • Wind: 5% (12%) lower than in Q4-2020 and 14% (13%) below anticipated production
  • Hydroelectric: 20% higher than in Q4-2020 and 8% above anticipated production
  • Solar: 11% below anticipated production
• Increase in cash flows from operations4 and decreases in discretionary cash flows4
  • Cash flow from operations of $116 million ($124 million) for Q4-2021, up $15 million ($6 million) from Q4-2020
  • Net cash flow related to operating activities of $81 million ($91 million) for Q4-2021, up $22 million ($13 million) from Q4-2020
  • Discretionary cash flow of $58 million, down $9 million from Q4-2020

MONTREAL, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to report an increase in operating income and continued progress on certain development projects during the quarter ended December 31, 2021.

“The integration of acquisitions, the commissioning of new wind and solar farms and the rise in electricity market prices favourable to certain wind projects in France enabled us to keep growing our operating income in the fourth quarter,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

“We added 137 MW of solar and wind projects in the Preliminary phase of our project pipeline during the quarter, for a total addition of 973 MW in 2021, in addition to 193 MW of energy storage projects added during the year. These additions underscore the quality of our development teams, which have been strengthened over the course of the year following significant investments in North America and Europe. We now have 3,890 MW of projects under development or under construction and are in an excellent position to take full advantage of the growing development opportunities in our target markets,” added Mr. Decostre.

Growth in operating income and addition of 137 MW of projects in the 4th quarter of 2021