About Boralex

Boralex Inc., together with its subsidiaries, operates as a power producer that engages in the development and operation of renewable energy power stations in Canada, France, the United States and the United Kingdom. As of December 31, 2020, the company operated 88 wind farms, 10 solar energy facilities,16 hydroelectric power stations and 2 thermal power stations representing an asset base with a net installed capacity of 2,455 MW, namely 1,125 MW in Canada, 1,040 MW in France and 290 MW in the United States, including Centaurus Renewable Energy LLC’s (CRE’s) 209 MW solar farms portfolio acquired in January 2021. The company also engages in projects under development representing approximately 544 MW, including 64 MW under construction or ready-to-build that would be commissioned by the end of 2021. It focuses on four power generation types, including wind, solar, hydroelectric and thermal. Wind Power The company holds interests in 88 wind power sites whose wind turbines are equipped with a central control system, which optimizes electrical production and maintains it during unfavorable climatic conditions. Solar Power In the company’s case, photovoltaic technology is used in which photovoltaic cells composing the panels produce electricity. It operates ten solar power stations, seven of which are located in the United States, following the acquisition of the CRE’s solar farms portfolio in 2021, two in France and one in Ontario. Hydroelectric Power The company owns 16 hydroelectric power stations. These hydroelectric stations are located in the Provinces of Québec, Ontario and British Columbia, and in the United States. The company operates and manages these stations from a control center located in Kingsey Falls, Québec, Canada, allowing remote management of majority planning, operating, monitoring and preventive maintenance activities relating to stations held or managed by it. Thermal Power The company operates one wood residue thermal power station in Québec and one cogeneration power plant powered by natural gas in Blendecques (France). Seasonality The company’s operations and results are partly subject to seasonal cycles and other cyclical factors that vary by segment. Since approximately all of the company’s facilities have long-term indexed, fixed-price energy sales contracts, seasonal cycles mainly affect the total volume of power generated by it. The impact of these cycles is mitigated by diversifying the company’s power generation sources and favorable geographical positioning. Operating volumes at the company’s facilities are influenced as follows: Wind conditions both in France and Canada are usually more favorable in the winter, which falls during the company’s first and fourth quarters (year ended December 2020). However, in winter there is a greater risk of lower production caused by weather conditions, such as icing. Sunlight conditions are typically more favorable in the spring and summer. The energy produced depends on water flow, which in Canada and the Northeastern United States is typically at a maximum in spring and high in the fall. Apart from four hydroelectric power stations whose water flow is regulated upstream and is not under the company’s control, its other hydroelectric facilities do not have reservoirs that would permit water flow regulation during the year. The generation of thermal energy is regulated under contracts in Canada and France with power generation limitation periods for the company. Thermal energy is generated in Canada from January to mid April, from July to October and from mid November to December; and in Europe from November to March. History Boralex Inc. was founded in 1982. The company was incorporated in 1982.