Boralex Reports Mixed 2025 Results Amid Large-Scale Project Rollouts

Event summary

  • Boralex reported net earnings of $33 million for fiscal 2025, down $41 million from 2024, despite an 8% increase in production.
  • The company commissioned six new projects, increasing installed capacity to 3,783 MW, including the Limekiln wind farm in the UK and the Apuiat wind farm in Canada.
  • EBITDA(A) for 2025 was $552 million, down $29 million from 2024, attributed to lower prices under short-term power purchase agreements in France.
  • Boralex secured over $1 billion in project financing in 2025 and increased subordinated debt from La Caisse and Fondaction.
  • The company's 2030 Strategic Plan aims to double installed capacity while maintaining a balance between growth, diversification, efficiency, and long-term value creation.

The big picture

Boralex's mixed fiscal 2025 results highlight the challenges of fluctuating energy prices and regulatory environments, particularly in France. The company's strategic focus on expanding into high-potential markets like the UK and diversifying its portfolio with battery energy storage systems underscores its commitment to long-term growth. The $8 billion investment backed by its 2030 Strategic Plan positions Boralex to capitalize on the sustained demand for renewable energy, despite near-term financial headwinds.

What we're watching

Geographic Expansion
How Boralex's expansion into the UK market with the Limekiln wind farm will impact its long-term growth trajectory.
Financial Flexibility
Whether the company's $1 billion in project financing and increased subordinated debt will support its ambitious 2030 Strategic Plan.
Regulatory Dynamics
The pace at which regulatory approvals and contract for difference (CfD) securings will enable further project developments in key markets.

Related topics

EBITDA Utilities