Boralex reported higher fourth-quarter earnings for 2025, supported by stronger production and favourable foreign exchange movements that helped offset weaker pricing under short-term French power purchase agreements.
The company said quarterly earnings rose to C$178 million, up C$9 million from the same period a year earlier. Net earnings reached C$26 million, compared with a C$2 million loss in the fourth quarter of 2024.
Power production increased 18% year-on-year, driven mainly by favourable wind conditions and the contribution of newly commissioned assets.
Installed capacity climbed to 3,783MW following the addition of six projects, including the Limekiln wind farm in the United Kingdom, the Apuiat wind farm and the Hagersville battery energy storage system.
During the quarter, projects totalling 178MW moved into construction or ready-to-build status, while 688MW progressed to the secured stage across Canada, the United States, the United Kingdom and France.
Boralex also added 1,383MW of new projects to its development pipeline and obtained ministerial approval for the Clashindarroch Wind Farm Extension and its adjacent battery system, alongside securing a contract for difference for the Sallachy wind farm.
“The year 2025 was marked by significant progress for Boralex. The unveiling of our 2030 Strategic Plan was a major milestone, supported by the commissioning of large-scale projects in our key markets,” said Patrick Decostre, president and chief executive officer.
“The commissioning of Limekiln, our first wind farm in the United Kingdom, reflects our expansion in that high-potential market, and the acceleration of our battery energy storage system activities in Ontario exemplifies the ongoing diversification of our portfolio, both geographically and technologically.
“Meanwhile, we also strengthened our financial flexibility with more than $1 billion in financing with major partners. These achievements confirm the soundness of our growth trajectory and our ability to create long-term value across all our markets.”
