Canadian windpower firm Boralex sees sales rise 56%, profit triples

Boralex profit, sales catch fire

from TheStar.com / Canada Press - Business - Boralex profit, sales catch fire

Second-quarter results unseasonably strong

August 09, 2007

MONTREAL–Alternative-energy producer Boralex Inc. is feeling pretty flush as it develops its first Canadian wind farm, in Ontario, and bids for a massive Quebec project.

"These projects, our first on Canadian soil, will further diversify our income source coming from wind, while providing us better geographical diversification," Boralex chief executive officer Patrick Lemaire said yesterday during a conference call on second-quarter results.

The Montreal-based company recorded an unseasonably stronger second quarter as higher wood-generation power in the United States helped to quadruple earnings and energy sales increased 56 per cent. Last month, Boralex signed a deal to acquire nine wind farms, with an installed capacity of 10 megawatts each, in the Windsor region.

The company is also setting its sights on Quebec's massive wind farm proposal. Lemaire said Boralex and partners Gaz Metro and the Seminaire de Quebec are in a good position to secure 400 megawatts of the total slated to come on stream in 2010.

The 300-employee company has 22 power stations totalling 347 megawatts in Quebec, the northeastern United States and France.

Company revenue grew to $32.4 million from $20.8 million, while earnings more than tripled to $4.8 million, or 15 cents a share, from $1.4 million, or five cents.

Lemaire said Boralex should benefit from strong long-term fundamentals in renewable energy.