Boralex

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Boralex Inc.
TypePublic (TSX: BLX)
IndustryRenewables
Founded1990
Headquarters
Kingsey Falls, Quebec
,
Canada
Key people
Patrick Decostre, President & CEO
ServicesWind, hydroelectric, thermal and solar energy production.
Number of employees
500+
Websitehttps://www.boralex.com/

Boralex is a power company that develops, builds, and operates renewable energy power facilities (wind, hydroelectric, solar and thermal) in Canada, France, the United Kingdom, and the United States. In 2020, Boralex’s total installed capacity reached 2,455 MW.[1]

History[]

Boralex was established in 1990 as a joint venture between three companies: LaduBORo, ALbany Oil, and EXar.

In 1997, Boralex issued its first public share offering to finalize several acquisitions and strengthen its financial position. The company ended the year with an asset portfolio of 11 power stations with a total installed capacity of 62 MW.

The next year, Boralex acquired La Rochette hydroelectric power station, its first property in France, and moved into the wood-residue thermal energy market with the acquisition of the Stratton power station in Maine.

By the end of 2001, Boralex had 200 employees and 18 sites in Québec, the United States and France, for a total installed capacity close to 350 MW generated by hydroelectric, thermal and gas- and wood-residue-fired cogeneration power stations. In November 2002, Boralex took its first step into wind power, starting up its first wind farm in Avignonet-Lauragais, France.  

In the late 2000s, Boralex continued to expand in the wind power market. In Canada, a consortium of Boralex and Gaz Métro Limited Partnership, with the assistance of the Séminaire de Québec, got approval for two wind power projects, including the Seigneurie de Beaupré wind farms. Seigneurie de Beaupré began operating in 2013 with a total installed capacity of 272 MW, and remains one of the largest wind sites in Canada.[2]

Boralex first entered Scotland’s energy sector by acquiring a portfolio of projects in 2016.  

In July 2017, Caisse de dépôt et placement du Québec (CDPQ, investor for Quebec’s public pension fund), acquired 17.3% of Boralex’s shares which were previously owned by cousin company Cascades, becoming the principal shareholder, with an agreement to explore partnership opportunities for future projects.[3]

Boralex continued expanding its footprint in the United States through hydro and solar facilities in New York, California, Indiana, and Alabama.[4]

In 2020, Boralex issued its first Corporate Social Responsibility Report, “Beyond Renewable Energy” to highlight the company’s environmental, social, and governance strategies to align with the United Nations’ Sustainable Development Goals.[5]

Leadership[]

After leading the company for 14 years, expanding the Quebec-based company into a renowned and cutting-edge international player in the renewable energy industry, Patrick Lemaire retired as CEO in 2020. He remains a member of the Board of Directors, and Patrick Decostre is appointed as his successor.

Decostre was Boralex’s first employee in Europe, where he spent 18 years building the company’s footprint and established the first onshore wind farm in France. Under his leadership, Boralex became the largest independent producer of onshore wind power in France. Most recently he served as Vice President and Chief Operating Officer based in Montreal.  

Patrick Lemaire was recognized multiple times for his leadership as a CEO. He was notably named CEO of the Year, SME Category, by Les Affaires Magazine, and was ranked in the Top 100 Power People report, both in 2017.[6]

Strategic Plan[]

On June 18, 2019, Boralex management announced the strategic plan that will guide it to achieve the financial objectives set for 2023. The plan builds on our solid expertise and experience in sectors with high growth potential. It includes complementary initiatives to diversify and optimize our operations and revenue sources.[7]

Boralex’s strategic plan sets out 4 main directions: growth (in markets with promising renewable energy programs), diversification (into solar power and energy storage), new customers (through corporate PPAs and other sources of revenues) and optimization (operational and financial). It also includes 3 financial objectives and, since February 2021, 10 corporate social responsibility (CSR) priorities.[8]

Corporate Social Responsibility (CSR) and ESG[]

Boralex unveiled its first Corporate Social Responsibility (CSR) report in February 2021, under the theme “Beyond Renewable Energy”. It details its value-adding and more structured approach, with careful consideration of risk and opportunity management.[9]

Boralex’s CSR and environmental, social and governance (ESG) strategy underscores its mandate for sustainable development and its approach to the relationships it has with all of its stakeholders. Through ten priority issues sorted under three clear and distinct areas of commitment, CSR is now part and parcel of Boralex’s business model.[10]

Apuiat[]

In February 2021, Boralex announced an historic partnership with the Innu Nation to establish a large-scale wind farm on territory of the Uashat mak Mani-utenam First Nation and public lands in the City of Port-Cartier, in the province of Quebec. The project, called Apuiat—meaning a paddle in Innu Aimun, a symbol of moving forward together—is expected to begin construction in the summer of 2022. The Innu communities and Boralex will equally share profits from the sale of electricity generated by the wind farm, and both host communities will receive annual royalties.[11]  

“After many months of work with our Indigenous partners, I am proud to present a win-win project for the Innu communities, for Québec and for the planet,” said Premier Francois Legault. “With the Apuiat wind farm, we are continuing to build a greener Québec, a more prosperous Québec, a prouder Québec!”.[12]

References and footnotes[]

  1. ^ "About Boralex". Boralex. Retrieved 2021-03-30.
  2. ^ "Top wind farms in Canada". www.miningandenergy.ca. Retrieved 2021-03-30.
  3. ^ "La Caisse acquiert une participation de 17,3 % dans Boralex Inc". Caisse de dépôt et placement du Québec | Investisseur institutionnel de long terme | Gestionnaire d’actif (in French). 2017-07-26. Retrieved 2021-03-30.
  4. ^ "Boralex Announces Agreements to acquire Interests in Seven Solar Plants in the United States for CA$283M (US$216.5M)". Boralex. 2020-11-23. Retrieved 2021-03-30.
  5. ^ "ESG". Boralex. Retrieved 2021-03-30.
  6. ^ "Who we are". Boralex. Retrieved 2021-03-30.
  7. ^ "Growth Strategy". Boralex. Retrieved 2021-03-30.
  8. ^ "Growth Strategy". Boralex. Retrieved 2021-03-30.
  9. ^ "Our commitments". Boralex. Retrieved 2021-03-30.
  10. ^ "ESG". Boralex. Retrieved 2021-03-30.
  11. ^ "Apuiat | Projet Apuiat". www.apuiat.com (in French). Retrieved 2021-03-30.
  12. ^ Conférence de presse du premier ministre, retrieved 2021-03-30

See also[]

External links[]

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