The following is a summary of the Boralex Inc. (BRLXF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Boralex reported Q1 combined EBITDA of $218 million, up 14% from the same quarter last year.

• The company saw strong production from wind farms and hydroelectric assets in North America, and the commissioning of new assets in France.

• Net earnings improved by 62% to $73 million from Q1 of 2023, and AFFO under IFRS increased by 16% to $78 million.

• Boralex strengthened its balance sheet with $575 million in available cash resources and authorized financing.

Business Progress:

• Main projects, Apuiat in Quebec and Limekiln in Scotland, are progressing well and expected to start operating by the end of 2024.

• Boralex's first two battery storage projects in Ontario, Hagersville, and Tilbury, are to be commissioned in 2025.

• During the quarter, Boralex added 239 MW of projects to its pipeline, bringing total capacity to over 6.7 gigawatts.

• The company secured a 125-MW storage project in Ontario which boosts its presence in the area.

• Boralex is exploring battery and energy storage in different regions, focusing particularly on ERCOT in Texas.

• Development dollars are to be allocated for the U.S. market, mainly in Texas and New Mexico.

• Areas for growth have shifted more towards Canada, specifically Quebec and Ontario.

• The company is considering partnerships with AI and data centers for future energy demand.

• In France, approx 350 MW will be available from 2026 for repurposing.

More details: BORALEX INC IR

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