Boralex on track to double size seeking growth outside Canada France

Boralex on track to double size; seeking growth outside Canada, France AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email by Ross Marowits, The Canadian Press Posted Feb 20, 2013 12:45 pm MDT MONTREAL – Renewable energy producer Boralex says it is on track to double the size of its business by the end of 2016 and beyond that is looking at growth opportunities both within and outside its base in Canada and France.“Everything is now in place for a significant increase in EBITDA starting next year,” CEO Patrick Lemaire said in a conference call Wednesday to discuss fourth-quarter and 2012 results.“On a proportionate consolidation basis, we are today in the position to double the size of the company over the next few years, its EBITDA and cash flow without the need to raise any equity.”Boralex said net profit plummeted in the fourth quarter as revenue from energy sales slid 6.5 per cent due weaker hydrology in the United States and the transformation of its thermal power business.The Montreal-based company said Wednesday that net income attributable to shareholders fell to $1.2 million or three cents per share in the three months ended Dec. 31.That was down from $8.2 million or 8.2 cents per share in the comparable 2011 period when the company reported net earnings from discontinued operations of $4.6 million, equivalent to 12 cents per share, versus $696,000 or two cents per share in the latest period.Sales revenue dropped to $52.1 million from $56.5 million, while overall revenue came in at $54.5 million, down from $56.7 million.On an adjusted basis, the company reported profits of a penny per share, matching estimates, while beating revenue estimates of $52.2 million, according to a survey of analysts compiled by Thomson Reuters.A year ago, it earned 10 cents per share in adjusted profits on $56.7 million of revenues.For the full year, analysts forecast that Boralex would record an adjusted loss of 27 cents per share on $181.4 million of revenues, compared with a loss of seven cents per share on $194.7 million in 2011.In fact, Boralex posted a full-year adjusted loss of 25 cents per share on revenue of $183.3 million.“Our growth path remains very compelling and many projects are set to significantly start contributing to EBITDA late in 2013 and 2014,” Lemaire told analysts.He said work is expected to resume early this spring to erect towers in the Seigneurie de Beaupre wind farm, the largest wind power project ever undertaken by Boralex. It is slated to begin delivering power by year-end.Construction of the flagship 272-megawatt project is on time and budget. The Quebec government recently gave the green light to phase two of the Seigneurie expansion, allowing Boralex and its consortium partners to seek construction permits and obtain financing for the 68-megawatt extension.Longer-term, Lemaire said Boralex is eyeing opportunities for growth. It has visited South America a couple of times but doesn’t foresee great opportunities in the United States unless it can gain access to steady, long-term contracts.“France is still for us a good pipeline if we look at 2016 to 2020,” he said. “We’re looking elsewhere than Canada and France to secure a pipeline in the years after 2015.”Lemaire said 2012 was a transition year for the company as the weight of our thermal power stations was reduced in favour of assets covered by long-term contracts in the wind and hydroelectric power segments.Pierre Lacroix of Desjardins Capital Markets said the results were largely in line with expectations and that the company’s long-term growth remains on track.Wind segment earnings increased by $2.8 million due mainly to the St-Patrick wind farm in France acquired in June 2012. Earnings in all other segments declined slightly, driven by weaker hydrology in line with historical averages and lower thermal segment output due to the closure of Dolbeau and the halt of operations at Kingsey Falls in the quarter.Boralex said it continues to evaluate opportunities to add about 100 megawatts of power over the near term.“Ultimately, we continue to see Boralex as an attractively priced growth story driven by its near-term construction projects in Canada and France, and by its longer-term development prospects,” he wrote in a report.Boralex operates an asset base with an installed capacity of more than 500 megawatts in Canada, the northeastern U.S. and France. It owns a share of 356 MW of energy scheduled to come online through 2015 and is seeking opportunities to add 100 MW of wind power.On the Toronto Stock Exchange, Boralex shares were up 13 cents at $9.29 in Wednesday afternoon trading. read more

Excitement anticipated for Friday nights Grand Prix

Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)RelatedTeam Mohammed’s Enterprise dominate at CMRCNovember 14, 2016In “latest news”Hassan shines amidst the gloomJuly 2, 2017In “Sports”Banks DIH hands over CMRC Driver SponsorshipsNovember 21, 2013In “Sports”,Group three driver Ravi Singh and his daughter Bridget Singh will be competing at the inaugural GT Motorsports’ facility at the Guyana Motor Racing and Sports Club (GMR&SC), Albert Street and Thomas Lands.The pair is expected to arrive in Guyana today and will begin practicing at the aforementioned venue for tomorrow night’s showdown against local drivers in their respective categories.Ravi, who has been competing in the group three category in Guyana since 2008, said he is excited to take part in the first-ever Georgetown Grand Prix.Ravi, who has won the group three category in Guyana on four occasions, said he is also enthused by the fact that the karts will be equally matched for Friday’s event.“It will all come down to driving skills and that is a good thing,” Ravi said. The 43-year-old, who has been racing competitively since the age of 15, will compete in the Four-stroke Class, and he is keen on putting on a show for his Guyanese fans on his debut at the newly refurbished track.Ravi Singh (left) and his daughter are expected to arrive in Guyana todayBridget, who started racing karts at age nine, will throw down the gauntlet to Guyanese Emma Vieira in what is expected to be a sizzling showdown. While Vieira will look to defend home turf, the 20-year-old Trinidad and Tobago racer will no doubt want to prove that she’s the better driver.Bridgett, a group two driver, won the 80cc Class two years in a row, before moving to the 100cc, which she dominated for another two years.She then stepped up to the 125cc Rotax International. During the first year she finished second and won the championship the following year. After taking time off to focus on her studies, Bridget returned to the track last year and won the GP 1 Championship.Friday’s activity, which will comprise 15 races, will commence at 18:00hrs and admission to the venue is free. Some of the other races are: 60cc for ages six to 10, 80cc for ages 10-15, 125cc for 15 years and older, as well as the featured event, the Shifters Pro Cup. Among those who will be in the competition include seasoned drivers such as the father and son pair of Kevin and Kristian Jeffrey and Stephan Jeffrey.Some of the sponsors for the event are: Honda, of which the four stroke engines will be running, Rays Motor Spares, Sunburst, Banks DIH through their Monster Energy Brand, Ansa McAl through their Stag Brand, Superbet, Prem’s Electrical, Ocean Spray Hotel, Secure Innovations and Concepts Inc, E-Networks and BM Soat. (Guyana Times) Group three driver Ravi Singh and his daughter Bridget Singh will be competing at the inaugural GT Motorsports’ facility at the Guyana Motor Racing and Sports Club (GMR&SC), Albert Street and Thomas Lands.The pair is expected to arrive in Guyana today and will begin practicing at the aforementioned venue for tomorrow night’s showdown against local drivers in their respective categories.Ravi, who has been competing in the group three category in Guyana since 2008, said he is excited to take part in the first-ever Georgetown Grand Prix.Ravi, who has won the group three category in Guyana on four occasions, said he is also enthused by the fact that the karts will be equally matched for Friday’s event.“It will all come down to driving skills and that is a good thing,” Ravi said. The 43-year-old, who has been racing competitively since the age of 15, will compete in the Four-stroke Class, and he is keen on putting on a show for his Guyanese fans on his debut at the newly refurbished track.Ravi Singh (left) and his daughter are expected to arrive in Guyana todayBridget, who started racing karts at age nine, will throw down the gauntlet to Guyanese Emma Vieira in what is expected to be a sizzling showdown. While Vieira will look to defend home turf, the 20-year-old Trinidad and Tobago racer will no doubt want to prove that she’s the better driver.Bridgett, a group two driver, won the 80cc Class two years in a row, before moving to the 100cc, which she dominated for another two years.She then stepped up to the 125cc Rotax International. During the first year she finished second and won the championship the following year. After taking time off to focus on her studies, Bridget returned to the track last year and won the GP 1 Championship.Friday’s activity, which will comprise 15 races, will commence at 18:00hrs and admission to the venue is free. Some of the other races are: 60cc for ages six to 10, 80cc for ages 10-15, 125cc for 15 years and older, as well as the featured event, the Shifters Pro Cup. Among those who will be in the competition include seasoned drivers such as the father and son pair of Kevin and Kristian Jeffrey and Stephan Jeffrey.Some of the sponsors for the event are: Honda, of which the four stroke engines will be running, Rays Motor Spares, Sunburst, Banks DIH through their Monster Energy Brand, Ansa McAl through their Stag Brand, Superbet, Prem’s Electrical, Ocean Spray Hotel, Secure Innovations and Concepts Inc, E-Networks and BM Soat. (Guyana Times) read more