2017 third quarter - Boralex maintains growth

MONTRÉAL, Nov. 10, 2017

MONTRÉAL, Nov. 10, 2017 /PRNewswire/ - Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) recorded improved operating results for the three-month period ended September 30, 2017 compared with the corresponding period of last year. Production, revenues from energy sales and EBITDA(A) all increased, mostly driven by the contributions of sites acquired or commissioned since August 1, 2016 under the Corporation's growth strategy.

"During the third quarter, our corporation reached important milestones that support our long-term growth strategy, including the achievement of an intermediate target of 2,000 MW by 2020," remarked Patrick Lemaire, Boralex's President and Chief Executive Officer. "We just added three wind power projects in France to our growth path for a total additional 55 MW. These wind farms will be commissioned gradually between now and the end of the second half of 2019 and they are all covered by indexed, fixed-price purchase contracts. The recent agreement with U.K.-based Infinergy also paves the way for us to gain a solid foothold in Scotland in the medium term, which could represent a strong advantage in terms of geographic diversification as it is the most favourable location in Europe for wind conditions. Also, if selected by the State of Massachussets in early 2018, the 300 MW SBx project for which Boralex made a bid in partnership with Gaz Métro last July would nearly double the capacity of the Seigneurie de Beaupré wind farms and achieve a significant part of the Corporation's short-term growth objectives."

Mr. Lemaire also pointed out, "the Caisse de dépôt et placement du Québec becoming Boralex's main shareholder is excellent news considering its size and expertise in infrastructure projects. This will allow Boralex to explore a greater number of opportunities while taking part in the Caisse's responsible investment strategy."

Operational highlights

Note: The figures in brackets below show the results under proportionate consolidation compared with results under IFRS.

Boralex produced 605 GWh (706 GWh) of electricity in the third quarter of 2017, up 32% (23%) compared with the same period in 2016. This growth was driven primarily from contributions of the assets acquired or commissioned since August 1, 2016 and which represent an additional installed capacity of 308 MW.