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Press release from PR Newswire

Boralex announces its second-quarter results

Wednesday, August 08, 2012

Boralex announces its second-quarter results07:00 EDT Wednesday, August 08, 2012 MONTREAL, Aug. 8, 2012 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) announces its results for the second quarter of 2012, historically amongst its weakest due to seasonal factors. The results for the three-month period ended June 30, 2012 point to a quarter mainly affected by sluggish water flow conditions in the United States. The second quarter also saw a series of transactions in the wind and hydroelectric power segments, prompted by the Corporation's strategic choices, set to sustain its growth over the next few years. Together, the projects announced during the first half of fiscal 2012 will increase Boralex's capacity by 195 MW. Fully covered by long-term fixed-price contracts, these acquisitions will significantly boost production at Boralex, with an initial contribution in fiscal 2013. GROWTH STRATEGY Since the beginning of fiscal 2012, the cash position of Boralex enables the Corporation to invest massively in the wind power and hydroelectric segments in Canada and France. A series of transactions began in March 2012 with the wind power supply contract secured for 50 MW of capacity under a project to be built in the Témiscouata area of Québec. More recently, the acquisition in June of a 34.5 MW wind farm in operation in France - the St-Patrick wind farm - started contributing to the Corporation's results as of July 2012. Boralex also acquired four wind power development projects in France, totalling 88 MW. These four projects are slated for commercial commissioning in the second half of fiscal 2013. All of the assets acquired in France are covered by long-term sales contracts with Électricité de France. In addition, the Corporation entered into a five-year agreement with an independent French corporation to secure options to purchase 130 MW in additional wind power projects currently under development. Lastly, Boralex announced late in July 2012 the signing of a letter of agreement to purchase a 22 MW hydroelectric project in British Columbia, for which construction work is set to begin shortly. Work on the first phase of the Seigneurie de Beaupré Wind Farms (272 MW - net amount of 136 MW for Boralex) resumed in summer and is progressing on budget and on time. The facilities are still slated for commissioning in late 2013. For the second phase, the Corporation also expects to commission approximately 50 MW of additional net wind power for Boralex by the end of 2015. In light of the foregoing, the Corporation enthusiastically welcomes the Québec government's July 20, 2012 announcement of a new request for proposals for 700 MW in wind power and firmly intends to continue developing the enormous potential of the Seigneurie de Beaupré site. According to Boralex President and CEO Patrick Lemaire, this new injection of capital into wind power and hydroelectric segments expansion, the cornerstone of Boralex's growth strategy, demonstrates the Corporation's ability to identify and execute projects to meet its financial performance targets. "We continue to actively explore further opportunities in both France and Canada. Given the announcement of the new request for proposals in Québec for 700 MW in additional wind power, the financing terms for quality projects remain very attractive, as do other factors, such as the price and quality of the turbines available. With these favourable conditions, plus our enviable cash position of $160 million, we are really confident we will be able to announce other initiatives to drive long-term value creation for our shareholders," added Patrick Lemaire. FINANCIAL HIGHLIGHTS for the second quarter (In millions of Canadian dollars, except per share data and EBITDA margins     Three-month periods ended June 30 Six-month periods ended June 30   2012 2011 2012 2011 Revenues from energy sales 38.9 44.1 96.4 101.3 Adjusted EBITDA* 19.7 22.5 53.0 53.8 Adjusted EBITDA margin (%) 50.6 51.0 55.0 53.1 Adjusted net loss* (5.5) (3.7) (0.2) (1.5) Per share (basic) ($) (0.15) (0.10) - (0.04) Cash flows from operations 5.3 9.6 27.2 27.1 Per share (basic) ($) 0.14 0.25 0.72 0.72 *  See the reconciliation tables in the accompanying financial statements. During the three-month period ended June 30, 2012, Boralex got a boost from the solid performance of its wind power segment, particularly in France where for a third straight quarter, wind conditions were significantly more favourable than a year ago. The wind power segment reported 9% growth in earnings before interest, income taxes, depreciation and amortization (EBITDA), which partially offset lower profitability in Boralex's other segments. In particular, the hydroelectric segment was hit by abnormally poor water flow conditions in the Northeastern U.S. for the second quarter of the year, trimming $3.6 million from segment EBIDTA. These atypical weather conditions are largely the cause of the reduced profitability on a consolidated basis, with an adjusted EBITDA (see the table in the summary financial statements) of $19.7 million on revenues of $38.9 million for the second quarter of 2012, compared with an adjusted EBITDA of $22.5 million out of $44.1 million for the same period in 2011. Consolidated adjusted EBITDA margin was relatively flat at 50.6% for the second quarter of 2012 compared with 51.0% for the same period of 2011. Boralex ended the second quarter with an adjusted net loss attributable to shareholders of $5.5 million or $0.15 per share (basic and diluted) compared with $3.7 million or $0.10 per share (basic and diluted) for the corresponding period a year earlier. As at June 30, 2012, Boralex reported cash and cash equivalents and restricted cash totalling $159.8 million or $4.24 per common share (basic). About Boralex Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. Currently, the Corporation operates an asset base with an installed capacity of more than 500 MW in Canada, the Northeastern United States and France. Boralex is also committed under power development projects, both independently and with Canadian and European partners, to add over 550 MW of power that will be put in service between the middle of 2013 and the end of 2015. With more than 200 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types ? wind, hydroelectric, thermal and solar. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com. Certain statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in electricity selling prices, the company's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors listed in the Company's filings with different securities commissions. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes. The summarized financial statements included in this press release also contain certain non-GAAP financial measures. To assess the performance of its assets and reporting segments, the Corporation uses EBITDA, EBITDA margin, cash flows from operations, adjusted EBITDA, adjusted net loss, and cash flows from operations per share as performance measures, as defined in the accompanying financial statements. These non-GAAP measures have no standardized meaning under IFRS. As a result, these measures may not be comparable to similarly named measures used by other companies. Consolidated Financial Statements Consolidated Statements of Financial Position (in thousands of Canadian dollars) (unaudited) As at June 30, 2012 As at December 31, 2011 ASSETS     Cash and cash equivalents 153,114 144,703 Restricted cash 6,660 18,288 Trade and other receivables 27,414 50,500 Inventories 4,555 3,573 Available-for-sale financial asset 1,757 2,208 Prepaid expenses 2,931 2,137 CURRENT ASSETS 196,431 221,409       Property, plant and equipment 673,748 643,047 Energy sales contracts 138,895 97,705 Water rights 110,383 111,844 Goodwill 38,063 38,063 Other intangible assets 9,201 5,285 Interest in the Joint Venture 53,288 45,266 Other non-current assets 13,244 14,236 NON-CURRENT ASSETS 1,036,822 955,446 TOTAL ASSETS 1,233,253 1,176,855 LIABILITIES     Trade and other payables 39,729 34,209 Current portion of debt 26,100 26,659 Current income tax liability 919 10,776 Other current financial liabilities 28,168 29,757 CURRENT LIABILITIES 94,916 101,401       Non-current debt 508,053 479,525 Convertible debentures 224,787 223,347 Deferred income tax liability 35,997 26,031 Other non-current financial liabilities 20,691 14,273 Other non-current liabilities 4,764 3,400 NON-CURRENT LIABILITIES 794,292 746,576 TOTAL LIABILITIES 889,208 847,977 EQUITY     Equity attributable to shareholders 324,468 321,764 Non-controlling interests 19,577 7,114 TOTAL EQUITY 344,045 328,878 TOTAL LIABILITIES AND EQUITY 1,233,253 1,176,855 Consolidated Statements of Earnings (Loss)   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars, except per share amounts) (unaudited) 2012 2011 2012 2011     REVENUES         Revenues from energy sales 38,905 44,069 96,356 101,335 Other income 171 172 322 324   39,076 44,241 96,678 101,659     COSTS AND OTHER EXPENSES           Operating expenses 14,012 15,705 33,476 37,036 Administrative 5,212 5,213 9,379 9,187 Development 965 785 1,636 1,669 Amortization 13,954 15,186 27,890 29,036 Other gains - - - (2,377) Impairment of property, plant and equipment and intangible assets - - 823 -   34,143 36,889 73,204 74,551           OPERATING INCOME 4,933 7,352 23,474 27,108           Financing costs 12,096 12,511 24,199 24,487 Foreign exchange loss 10 511 131 2,047 Net loss on financial instruments 822 93 485 406           EARNINGS (LOSS) BEFORE THE FOLLOWING ITEMS (7,995) (5,763) (1,341) 168           Share in loss (earnings) of the Joint Venture 27 - (17) - Income tax expense (recovery) (1,723) (1,549) 38 423           NET LOSS FROM CONTINUING OPERATIONS (6,299) (4,214) (1,362) (255)           Net earnings (loss) from discontinued operations 134 (1,377) 2,459 1,731   NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476   NET EARNINGS (LOSS) ATTRIBUTABLE TO:             Shareholders of Boralex (5,901) (5,107) 1,248 1,904   Non-controlling shareholders (264) (484) (151) (428) NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476           NET EARNINGS (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:             Continuing operations (6,035) (3,730) (1,211) 173   Discontinued operations 134 (1,377) 2,459 1,731   (5,901) (5,107) 1,248 1,904           BASIC NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:            Continuing operations       $(0.16)       $(0.10)       $(0.03)       $0.01   Discontinued operations       $0.00       $(0.04)       $0.06       $0.04         $(0.16)       $(0.14)       $0.03       $0.05           DILUTED NET EARNINGS (LOSS) PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:             Continuing operations       $(0.16)       $(0.10)       $(0.03) $0.00   Discontinued operations       $0.00       $(0.04)       $0.06       $0.04         $(0.16)       $(0.14)       $0.03       $0.04   Consolidated Statements of Comprehensive Loss   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011   NET EARNINGS (LOSS) (6,165) (5,591) 1,097 1,476   OTHER COMPREHENSIVE INCOME (LOSS)         Translation differences           Unrealized foreign exchange gain (loss) on translation of financial statements of self-sustaining foreign operations 334 (323) (1,051) 24 Cash flow hedges           Change in fair value of financial instruments (7,294) (9,947) (8,842) (8,905)   Hedging items realized and recognized in net earnings (loss) 3,687 1,521 7,826 2,614   Hedging items realized and recognized in statement of financial position - 78 - 198   Taxes 985 2,613 572 1,925 Cash flow hedges - Joint Venture           Change in fair value of financial instruments (11,112) - (3,350) -   Taxes 2,955 - 891 - Available-for-sale financial asset           Change in fair value of an available-for-sale financial asset (387) (954) (451) 424   Items realized and recognized in net earnings (loss) - - - (624) Discontinued operations - - - (2,021) Total other comprehensive loss (10,832) (7,012) (4,405) (6,365) COMPREHENSIVE LOSS (16,997) (12,603) (3,308) (4,889)   COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:           Shareholders of Boralex (16,194) (12,064) (2,593) (5,312)   Non-controlling shareholders (803) (539) (715) 423 COMPREHENSIVE LOSS (16,997) (12,603) (3,308) (4,889)   COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO SHAREHOLDERS OF BORALEX:           Continuing operations (16,329) (10,687) (5,052) (5,022)   Discontinued operations 135 (1,377) 2,459 (290)     (16,194) (12,064) (2,593) (5,312) Consolidated Statements of Changes in Equity               Six-month period ended June 30       2012   Equity attributable to shareholders     (in thousands of Canadian dollars) (unaudited) Capital stock Equity component of convertible debentures Contributed surplus Retained earnings Other comprehensive loss Total Non- controlling interests Total equity Balance as at January 1, 2012 222,758 14,379 6,106 144,501 (65,980) 321,764 7,114 328,878                   Net earnings (loss) - - - 1,248 - 1,248 (151) 1,097 Other comprehensive loss - - - - (3,841) (3,841) (564) (4,405) Comprehensive income (loss) - - - 1,248 (3,841) (2,593) (715) (3,308)                   Conversion of convertible debentures 45 - - - - 45 - 45 Stock option expense - - 313 - - 313 - 313 Share repurchases (5) - - (2) - (7) - (7) Excess of proceeds from partial sale of a subsidiary - - - 4,946 - 4,946 (4,946) - Contribution of non-controlling shareholders - - - - - - 18,124 18,124 Balance as at June 30, 2012 222,798 14,379 6,419 150,693 (69,821) 324,468 19,577 344,045                 Six-month period ended June 30       2011   Equity attributable to shareholders     (in thousands of Canadian dollars) (unaudited) Capital stock Equity component of convertible debentures Contributed surplus Retained earnings Other comprehensive loss Total Non- controlling interests Total equity Balance as at January 1, 2011 222,853 14,488 5,028 141,693 (24,705) 359,357 8,332 367,689                   Net earnings (loss) - - - 1,904 - 1,904 (428) 1,476 Other comprehensive income (loss) - - - - (7,216) (7,216) 851 (6,365) Comprehensive income (loss) - - - 1,904 (7,216) (5,312) 423 (4,889)                   Conversion of convertible debentures 196 - - - - 196 - 196 Stock option expense - - 584 - - 584 - 584 Other - (109) - - - (109) - (109) Balance as at June 30, 2011 223,049 14,379 5,612 143,597 (31,921) 354,716 8,755 363,471 Consolidated Statements of Cash Flows   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net earnings (loss) attributable to shareholders of Boralex (5,901) (5,107) 1,248 1,904 Less: Net earnings (loss) from discontinued operations 134 (1,377) 2,459 1,731 Net earnings (loss) from continuing operations attributable to shareholders of Boralex (6,035) (3,730) (1,211) 173 Financing costs 12,096 12,511 24,199 24,487 Interest paid (12,973) (12,314) (23,327) (24,716) Income tax expense (recovery) (1,723) (1,549) 38 423 Income taxes paid (497) (1,388) (2,193) (2,829) Non-cash items in earnings (loss):           Unrealized foreign exchange loss on intercompany advances - 1,575 - 1,575   Amortization 13,954 15,186 27,890 29,036   Other gains - - - (2,377)   Impairment of property, plant and equipment and intangible assets - - 823 -   Net loss on financial instruments 822 93 485 406   Share in loss (earnings) of the Joint Venture 27 - (17) -   Other (328) (784) 505 876   5,343 9,600 27,192 27,054 Change in non-cash items related to operating activities 7,922 5,243 20,613 20,412 NET CASH FLOWS RELATED TO OPERATING ACTIVITIES 13,265 14,843 47,805 47,466           Business acquisitions (39,080) - (39,080) - Additions to property, plant and equipment (1,048) (12,245) (2,543) (22,743) Additions to other intangible assets (1,560) - (1,560) - Change in restricted cash 10,868 5,235 11,628 14,647 Increase in interest in the Joint Venture (9,425) (2,212) (11,283) (2,212) Development projects (910) (56) (1,656) (649) Proceeds from sale of assets 8,763 2,050 8,763 2,050 Other 292 219 96 266 NET CASH FLOWS RELATED TO INVESTING ACTIVITIES (32,100) (7,009) (35,635) (8,641)           Decrease in bank loans and overdraft - - - (201) Net increase in non-current debt - 21 516 - 33,253 Repayments on non-current debt (2,591) (21,055) (14,667) (33,116) Contribution of non-controlling interests 18,124 - 18,124 - Other (60) - (48) - NET CASH FLOWS RELATED TO FINANCING ACTIVITIES 15,473 461 3,409 (64) Cash from discontinued operations (1,259) 118 (6,972) 7,604 TRANSLATION DIFFERENCE ON CASH AND CASH EQUIVALENTS 318 (944) (196) (278) NET INCREASE IN CASH AND CASH EQUIVALENTS (4,303) 7,469 8,411 46,087 CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 157,417 131,268 144,703 92,650 CASH AND CASH EQUIVALENTS - END OF PERIOD 153,114 138,737 153,114 138,737 Segmented Information The Corporation's power stations are grouped into four distinct operating segments?wind, hydroelectric, thermal and solar power. The Corporation operates under one reportable segment: power generation. The classification of these operating segments is based on the different cost structures relating to each of the four types of power stations. The same accounting rules are used for segmented information as apply to the consolidated accounts. The operating segments are presented according to the same criteria used to prepare the internal report submitted to the chief operating decision-maker, who allocates resources and assesses operating segment performance. The chief operating decision-maker is considered to be the President and Chief Executive Officer, who assesses segment performance based on production of electricity, revenues from energy sales, EBITDA and cash flows from operations. EBITDA does not have a standardized meaning under IFRS; accordingly, it may not be comparable to similarly named measures used by other companies. Investors should not view EBITDA as an alternative measure to, for example, net earnings, or as a measure of operating results, which are IFRS measures. EBITDA is reconciled to the most comparable IFRS measure, namely, net earnings (loss) attributable to shareholders of Boralex, in the following table:   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net earnings (loss) attributable to shareholders of Boralex (5,901) (5,107) 1,248 1,904 Net earnings (loss) from discontinued operations (134) 1,377 (2,459) (1,731) Non-controlling shareholders (264) (484) (151) (428) Income tax expense (recovery) (1,723) (1,549) 38 423 Net loss on financial instruments 822 93 485 406 Foreign exchange loss 10 511 131 2,047 Financing costs 12,096 12,511 24,199 24,487 Impairment of property, plant and equipment and intangible assets - - 823 - Other gains - - - (2,377) Amortization 13,954 15,186 27,890 29,036 EBITDA 18,860 22,538 52,204 53,767 Cash flows from operations are equal to net cash flows related to operating activities before change in non-cash items related to operating activities. Management uses this measure to assess cash flows generated by the Corporation's operations and its capacity to finance its expansion through those funds. Investors should not consider cash flows from operations as an alternative measure to cash flows related to operating activities, which is an IFRS measure. Cash flows from operations are reconciled to the most comparable IFRS measure, namely, net cash flows related to operating activities, in the following table:   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net cash flows related to operating activities 13,265 14,843 47,805 47,466 Less :         Change in non-cash items related to operating activities 7,922 5,243 20,613 20,412   CASH FLOWS FROM OPERATIONS 5,343 9,600 27,192 27,054 The two following tables reconcile EBITDA and the net earnings (loss) attributable to shareholders of Boralex as reported in the financial statements with adjusted EBITDA and adjusted net loss:   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 EBITDA 18,860 22,538 52,204 53,767 Specific items :           Professional fees incurred in connection with acquisitions in France 832 -  832 -   ADJUSTED EBITDA 19,692 22,538 53,036 53,767     Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Net earnings (loss) attributable to shareholders of Boralex (5,901) (5,107) 1,248 1,904 Net earnings (loss) from discontinued operations (134) 1,377 (2,459) (1,731) Specific items* :           Gain on sale of assets - - - (1,664)   Impairment of property, plant and equipment and intangible assets - - 492 -   Professional fees incurred in connection with acquisitions in France 557 - 557 -     ADJUSTED NET LOSS (5,478) (3,730) (162) (1,491) * Net of income taxes Information by Operating Segment   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Power production (MWh)*         Wind power stations 138,836 124,362 311,241 276,931 Hydroelectric power stations 158,874 213,490 321,969 358,495 Thermal power stations 41,981 88,138 160,304 263,185 Solar power station 1,940 268 3,269 268   341,631 426,258 796,783 898,879 Revenues from energy sales         Wind power stations 16,345 15,193 36,991 33,466 Hydroelectric power stations 12,445 15,990 26,431 28,722 Thermal power stations 9,285 12,762 31,528 39,023 Solar power station 830 124 1,406 124   38,905 44,069 96,356 101,335 EBITDA         Wind power stations 13,082 11,991 30,059 27,057 Hydroelectric power stations 9,056 12,648 19,701 21,724 Thermal power stations 1,154 2,078 9,549 13,610 Solar power station 723 121 1,218 121 Corporate and eliminations (5,155) (4,300) (8,323) (8,745)   18,860 22,538 52,204 53,767 Additions to property, plant and equipment         Wind power stations 273 613 620 8,732 Hydroelectric power stations 348 157 537 331 Thermal power stations - 788 66 1,947 Solar power station 3 10,482 696 11,433 Corporate and eliminations 424 205 624 300   1,048 12,245 2,543 22,743   (in thousands of Canadian dollars) (unaudited)     As at June 30, 2012 As at December 31, 2011 Total assets         Wind power stations     582,345 528,521 Hydroelectric power stations     368,068 366,099 Thermal power stations     96,962 101,683 Solar power station     20,575 23,586 Corporate     165,303 156,966       1,233,253 1,176,855 Total liabilities         Wind power stations     433,632 392,611 Hydroelectric power stations     139,333 143,439 Thermal power stations     29,778 29,581 Solar power station     16,510 21,043 Corporate     269,955 261,303       889,208 847,977   Information by Geographic Segment   Three-month periods ended June 30 Six-month periods ended June 30 (in thousands of Canadian dollars) (unaudited) 2012 2011 2012 2011 Power production (MWh)*         Canada 165,103 217,816 392,055 484,563 United States 85,996 142,444 199,469 242,479 France 90,532 65,998 205,259 171,837   341,631 426,258 796,783 898,879 Revenues from energy sales         Canada 19,297 23,220 50,468 56,814 United States 6,497 10,407 14,900 18,193 France 13,111 10,442 30,988 26,328   38,905 44,069 96,356 101,335 EBITDA         Canada 8,123 9,377 25,450 26,468 United States 4,605 8,295 11,252 13,993 France 6,132 4,866 15,502 13,306   18,860 22,538 52,204 53,767 Additions to property, plant and equipment         Canada 761 1,461 1,126 8,423 United States - 125 85 295 France 287 10,659 1,332 14,025   1,048 12,245 2,543 22,743   (in thousands of Canadian dollars) (unaudited)     As at June 30, 2012 As at December 31, 2011 Total assets         Canada     653,487 679,354 United States     197,104 209,003 France     382,662 288,498       1,233,253 1,176,855 Non-current assets         Canada     537,049 543,319 United States     151,253 156,631 France     348,520 255,496       1,036,822 955,446 Total liabilities         Canada     482,226 483,731 United States     111,811 122,827 France     295,171 241,419       889,208 847,977       SOURCE BORALEX INC.For further information: <p> <b>Media</b><br/> Andréan Gagné<br/> Advisor, Communications<br/> Boralex Inc.<br/> 514-985-1353<br/> <a href="mailto:andrean.gagne@boralex.com">andrean.gagne@boralex.com</a><br/> <br/> <b>Investors</b><br/> Marc Jasmin<br/> Boralex Inc.<br/> 514-284-9868<br/> <a href="mailto:marc.jasmin@boralex.com">marc.jasmin@boralex.com</a> </p>