A Remarkable Year for Boralex in 2020

MONTRÉAL, Feb. 25, 2021

Highlights

• Strong growth in discretionary cash flow and combined EBITDA(A) in 2020 
• Cash flow totaling $146 million in 2020 and $67 million in Q4 2020, a 22% increase for the fiscal year and a 2 % decrease in the fourth quarter compared to corresponding periods in 2019
• Combined EBITDA(A) of $513 million in 2020 and $155 million in Q4 2020, a 4% increase for the fiscal year and a 6% decrease in the fourth quarter compared to corresponding periods in 2019
• Total combined production above 2019 production and anticipated production⁽¹⁾
• For the fiscal year 2020: 5% increase over 2019 and 4% higher than anticipated production 
• For the fourth quarter: 5% increase over 2019 and 7% higher than anticipated production
• Two major acquisitions added 17% (354 MW) to installed capacity and 13% ($66 million) to the annualized combined EBITDA(A)
• Closing of the acquisition of CDPQ's 49% equity stake in 3 Quebec wind farms at the beginning of December 2020
• Closing of the acquisition of interests in seven solar plants in the United States at the beginning of February 2021
• Project portfolio and Growth Path progressed in North America and Europe
• Three wind projects commissioned in France, adding 45 MW during the fourth quarter of 2020.
• 139 MW added to the solar project portfolio during the fourth quarter of 2020; 80 MW in the United States and 59 MW in France
• The 200 MW Apuiat wind project (100 MW attributable to Boralex) in Québec and the 200 MW solar projects in the United States advanced to the secured phase of the Growth Path following signature of contracts at the beginning of 2021
• Patrick Decostre took office as President and CEO, effective December 1, 2020, with the retirement of Patrick Lemaire
• First Corporate Social Responsibility (CSR) report published separately from the 2020 Annual Report
  

MONTRÉAL, Feb. 25, 2021 /PRNewswire/ - For the fiscal year ended December 31, 2020, Boralex Inc. ("Boralex" or the "Company") (TSX: BLX) posted energy sales of $619 million ($738 million⁽²⁾), an increase of 10% (7%) over the fiscal year 2019, and EBITDA(A) of $434 million ($513 million), an increase of 8% (4%) over 2019. For the fourth quarter of 2020, Boralex posted energy sales of $193 million ($225 million), up 8% (6%) over the fourth quarter of 2019. The Company's EBITDA(A) was $137M ($155M), a level comparable to 2019 excluding a gain on the sale of land in Scotland and other unusual items recorded in the fourth quarter of 2019.

"I'm very proud of our employees' hard work during the unusual fiscal year in 2020. The 22% growth in our discretionary cash flows, the announcement of two major acquisitions and the addition of many projects to our Growth Path are perfectly aligned with our strategic plan and financial objectives for 2023," said Boralex's President and CEO, Patrick Decostre.

"The fiscal year 2020 also marks the beginning of a major project that will highlight our social responsibility business practices and approach to improving these practices."

The social responsibility (CSR) and ESG criteria sections were added to the Company's strategic plan during the third quarter of fiscal 2020. A detailed report was produced and is now available on Boralex's website.

Regarding the Corporation's outlook, Mr. Decostre added: "We continue to be very active in pursuing development and growth opportunities in our target markets, particularly in North America. We're also seeing encouraging signs of a resumption of wind energy development in Québec following a 30-year electricity sale contract signed for the Apuiat project, which has an installed capacity of 200 MW, to be developed in collaboration with Innu communities in Québec. The Hydro-Québec Electricity Supply Plan published in October 2020 forecasting to take steps within the next year to acquire new energy supplies, as well as the Québec Government Plan for a Green Economy, released shortly after, are positive elements for the wind energy development on Québec's territory."