Highlights of the 4th quarter and fiscal 2019
Discretionary cash flows of $120 million for fiscal 2019, more than double the amount in 2018
In 2019, wind conditions were in line with historical averages in France and wind power production was higher than anticipated in the 4th quarter
For the 4th quarter: 17% increase in production volume from comparable assets versus 2018 and volume 15% higher than anticipated(1) in France; 23% increase in total wind power production compared to 2018 and production volume 5% higher than anticipated.
For the fiscal year: 10% increase in production from comparable assets versus 2018 in France; 26% increase in total wind power production compared to 2018.
Strong growth in EBITDA(A) compared to the corresponding periods in 2018
EBITDA(A) of $143 million (or $165 million on a Combined basis(2)) in the 4th quarter, up 47% (36%) from 2018 and $402 million ($492 million on a Combined basis) for fiscal 2019, an increase of 35% (39%) over 2018.
Over $2 billion in refinancing and other capital structure optimization initiatives in 2019
$1.7 billion in France, including $182 million in revolving credit completed in January 2020.
Refinancing of $209 million in Québec and conversion/redemption of $144 million in convertible debentures.
Annual savings of more than $15 million in interest expense and over $180 million freed up and applied to Boralex’s corporate credit facility.
Projects totaling 225 MW in the Corporation’s Growth Path and 180 MW in solar projects submitted in a call for tenders in the United States
58 MW in wind power projects ready-to-build or under construction in France. Total of 167 MW in wind power projects secured in France and Scotland.
180 MW in solar power projects submitted in New York State in the United States.
For the three months ended December 31, 2019 and fiscal 2019, Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) recorded an increase in EBITDA(A) and net earnings excluding unusual items. The increase reflects the contribution from sites acquired and commissioned, as well as higher revenues from energy sales from comparable sites.
“I’m very proud of our performance and achievements in the fourth quarter and fiscal 2019,” said Patrick Lemaire, President and Chief Executive Officer of Boralex. “The growth in our financial results and our disciplined approach to investments generated a strong increase in discretionary cash flows during the year, which augurs well for achieving the 2023 financial objectives set out in our strategic plan.”
With respect to the Corporation’s outlook, Mr. Lemaire added that “the significant amounts generated from operations coupled with the funds freed up and the benefits from the many initiatives to optimize our capital structure have put us in an excellent position to accelerate our development activities in 2020. We now have projects totaling 225 MW in our Growth Path and another 2,703 MW in our portfolio of projects at various stages of completion; this will allow us to increase our production capacity in the next few years by close to 800 MW, taking us to our target of 2,800 MW in 2023.”