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Highlights

  • Boralex hosts a suite of wind and solar projects of approximately 4,785 MW and energy storage capacity of around 825 MW.
  • The company produced 1,110 GWh of power in Q3 2023, against 1,019 GWh in PCP.
  • The income generated from energy sales and feed-in premium rose from CAD 101 million in Q3 2022 to CAD 171 million in Q3 2023.


Electric utility company Boralex Inc. (TSX: BLX) is engaged in development, construction, and operation of renewable energy power facilities across the United States, Canada, the United Kingdom and France. The company hosts a suite of wind and solar projects of approximately 4,785 MW and energy storage of around 825 MW.

In the third quarter of the year 2023, Boralex produced 1,110 Gigawatt-hours (GWh) of power, against 1,019 GWh in the previous corresponding period. The rise in power production can be attributed to the commissioning of wind and solar farms and improved performance of comparable wind sites across France. The higher production resulted in a rise in income of the company generated from energy sales and feed-in premium from CAD 101 million in Q3 2022 to CAD 171 million in Q3 2023.

BLX registered growth in its cash flows from operations to CAD 284 million in the last nine months ended 30 September 2023, versus CAD 262 million in pcp.

However, Boralex’ operating income decreased in the reporting period because of higher operating expenses. Also, the company’s earnings before income taxes dropped to CAD 11 million in Q3 2023 following fall in operating income. Overall, BLX experienced a net loss of CAD 2 million, as compared to the net loss of CAD 56 million in Q3 2022.

Going forth, Boralex will continue to follow its strategy to elevate revenue in the next quarters with a blend of corporate power purchase deals, bidding on long-term partnerships and selling into the day-ahead market, specifically in France, where prices generally remain high.

Top 10 Shareholders:

Around 37.41% of the total shareholding in the firm are held by its top ten shareholders. While Caisse de Depot et Placement du Quebec is the biggest stakeholder with over ­­15.27% stake, Impax Asset Management Ltd. is the second biggest shareholder in Boralex with approximately 3.37% stake.

Stock Price Performance

The company’s stock price has increased by around 1.20% over the last one week. It has jumped by 15.46% in the past one month. The stock’s 52-week high and low price stand at CAD 43.43 and CAD 25.40, respectively.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is November 29, 2023. The reference data in this report has been partly sourced from EODHD/Others.