‘Now that we have formalised this acquisition, our team will ensure that a smooth ownership transition is made and will endeavour maintaining the good and strong relationships fostered by Sequoia over the last few years of development. Our next immediate goals are to negotiate long-term financing and make sure that the construction of the project stays on schedule until it is suspended for the winter season,’ said Patrick Lemaire, President and CEO of Boralex.
The company has also announced its third-quarter results, reporting C$16.2M in earnings before interest, taxes, depreciation and amortisation (EBITDA) on revenues of C$33M for the three-month period ended 30 September 2012. This compares with C$16.7M in EBITDA on revenues of C$36.2M for the same period of 2011. The third quarter is traditionally the weakest of the year due to the seasonal cycles experienced by the company’s two largest segments: wind and hydroelectric power production.
Operating results were affected by exceptionally dry weather in Québec and the Northeastern US in the summer of 2012, which led to a C$4.3M decrease in EBITDA in the hydroelectric power segment. However, the decline was partially offset by a gain of C$4M regarding a retroactive adjustment on water rights of US hydroelectric power.
Despite the unfavourable weather conditions Boralex says its hydroelectric power stations have excellent long-term prospects and remain major contributors to its bottom line, generating over C$27M in EBITDA for the first nine months of 2012.
