BORALEX INC.
Boralex adds significant volume of 468 MW to its portfolio of projects under development and construction, which reached 6 GW in the first quarter of 2023

Highlights

• Addition of 238 MW of wind and solar projects and 230 MW of storage projects to the early stage of the project portfolio in the first quarter of 2023
  • Wind projects in Europe totalling 117 MW.
  • Solar projects in the United States and Europe totalling 121 MW.
  • Storage projects in Ontario totalling 230 MW.
• Production up 1% (22% on a Combined basis⁴)¹ compared to Q1-2022 due to assets commissioning and favourable wind conditions in France which offset unfavorable wind conditions in Canada. The increase on a Combined basis comes from the integration of the wind farms acquired in the United States in late 2022, production 1% (1%) above anticipated² for Q1
  • Wind: up 4 % (29%) from Q1-2022 and equal to (4% below) anticipated production for Q1.
  • Hydroelectric: up 10% from Q1-2022 and 18% above anticipated production for Q1.
  • Solar: down 12% from Q1-2022 and 3% below anticipated production for Q1.
• EBITDA(A)³ for the first quarter of 2023 down 1% (up 5%) and operating income down 16% (up 1%) from the same quarter of 2022
  • EBITDA(A) of $171 million ($192 million) in Q1-2023, down $2 million (up $9 million) from Q1-2022. EBITDA(A) for the first quarter of 2022 included an amount of $16 million attributable to certain contracts for which Boralex had to record a provision in Q3-2022 following the implementation of the 2022 Supplementary Budget Act in France.
  • Operating income of $77 million ($106 million) for Q1-2023, down $14 million (up $1 million) from Q1-2022.
• Higher net cash flows related to operating activities but lower discretionary cash flows⁴ in Q1-2023
  • Net cash flows related to operating activities of $244 million in Q1, up $107 million from Q1-2022.
  • Cash flows from operations⁴ of $141 million in Q1, $5 million higher than in Q1-2022.
  • Discretionary cash flows of $65 million in Q1, down $12 million from Q1-2022. As indicated for EBITDA(A), cash flows for Q1-2022 included an additional $16 million attributable to certain contracts in France.

Sustained financial flexibility and balance sheet strength

• More than $330 million in available cash resources and authorized financing facilities⁴ as at March 31, 2023. An amount of $77 million under the revolving credit facility will be transferred to the letter of credit facility guaranteed by Export Development Canada, which was increased by $125 million bringing its total authorized amount to $200 million in April 2023.
• Net debt to total capitalization ratio of 38% as at March 31, 2023, compared to 40% at the end of 2022.

Boralex Inc. ("Boralex" or the "Company") (TSX: BLX) is pleased to report substantial growth of its project portfolio and a significant increase in production on a Combined basis in the first quarter of 2023.

"In the first quarter, we continued to implement our 2025 Strategic Plan initiatives, including through the addition of large development projects to our project portfolio and the integration of the two acquisitions completed in 2022," said Patrick Decostre, President and Chief Executive Officer of Boralex. "The first quarter was also marked by the announcement of new programs to help accelerate the energy transition and new tendering programs in our key markets, particularly in Quebec and elsewhere in Canada."

"In the coming quarters, we will carry on with our plan to optimize revenues through a combination of corporate power purchase agreements, bidding on long-term contracts in requests for proposals and selling into the day-ahead market, particularly in France, where prices remain high. We intend to continue optimizing our capital structure by arranging specific financing for our ready-to- build projects and to make progress on integrating our many ESG initiatives into our day-to-day operation activities," added Mr. Decostre.

Read the full press release.