Boralex Ramps Up UK Expansion and Eyes 8 GW Pipeline Despite Soft Q1

Key Highlights:

• Net income drops to $41M in Q1 as French wind underperforms
• Limekiln wind farm in Scotland begins production
• $388M in cash reserves; strategic plan update due June 17
• 8 GW global pipeline in development across wind, solar, storage

Boralex Inc. (TSX: BLX) reported a mixed start to 2025, balancing long-term strategic wins with short-term financial headwinds. In its first quarter results released today, the Canadian renewable energy leader announced net earnings of $41 million, a $32 million decline compared to Q1 2024.

The earnings dip was largely driven by weaker wind conditions in France and less favorable pricing under short-term contracts. Overall production fell 4% year-over-year to 1,691 GWh, also coming in 10% below anticipated generation. Revenues declined 13% to $226 million, and EBITDA(A) dropped 10% to $176 million. Nevertheless, the performance of Boralex’s Canadian wind assets helped cushion the downside, reinforcing the value of its geographic diversification.

Among the quarter’s most notable developments was the start of production at the 106 MW Limekiln wind farm in Scotland—Boralex’s first operational asset in the UK. The company is actively building out its presence in high-potential European markets, even as it progresses major Canadian projects like Apuiat (200 MW) and Hagersville (300 MW), scheduled for completion in 2025.

CEO Patrick Decostre reaffirmed the company’s commitment to growth and optimization, stating, “The commissioning of Limekiln marks a major step forward in our UK strategy. Amid global resource volatility, our diversified asset base and disciplined execution remain our core strengths.”

Looking ahead, Boralex is preparing to unveil its 2025–2030 Strategic Plan at an Investor Day on June 17 in Toronto. The company plans to bid on several upcoming tenders across its target markets. With $388 million in cash, $504 million in available liquidity, and a project pipeline exceeding 8 GW, Boralex is positioning itself for scalable, long-term growth in wind, solar, and energy storage.

The Board of Directors has also declared a quarterly dividend of $0.165 per share, payable on June 16, 2025.

Outlook:

Despite near-term production softness, Boralex’s execution on strategic assets like Limekiln and its extensive development pipeline reinforce its standing as a top-tier renewable energy operator. Investors will be watching June’s strategy update closely for insights into future catalysts and capital deployment.