(Montreal) The Boralex renewable energy producer has not received interesting offers for its nine hydroelectric power stations in Canada.
The Montreal company had mentioned the possibility of selling assets in this sector in order to finance other projects, while it provides investments of almost 8 billion in the next five years.
The outgoing finance manager, Bruno Guilmette, confirmed that this option was no longer on the table, during a conference call with analysts on Friday, aimed at discussing the second quarter results.
“The offers we received were not up to our expectations,” he said. These assets are good, we will keep them in the wallet. »»
Boralex has other options to obtain the necessary funding, assured Mr. Guilmette. “We don’t need to make a transaction. »»
He assured that the financial strategy of the 2030 Strategic Plan, presented in June, remains intact.
Surprise
The finance chief also took investors by surprise by announcing that he will leave his duties on September 12. The Vice-President of Relations to Investors, Planning and Financial Analysis, Stéphane Milot, will ensure the interim.
This departure raised questions from analysts during the call. The next finance chief will have to ensure that Boraxe obtains the liquidity necessary at the best cost to finance his ambition to double his installed power at around 7 Gigawatts (GW) by 2030.
Boralex thus loses an appreciated leader, according to analyst Sean Steuart, of TD securities, who anticipates an ordered transition. “Mr. Guilmette has a good reputation in the financial environment,” he said in a note.
At the joke, an analyst said during the conference that the drop in stock exchange on Friday was the recognition of the good job of the finance chief. The main interested party replied that he expected the action to take up tone quickly.
Management has assured that the plan should not be subject to changes under the hands of a new finance chief.
Optimistic, despite Trump
Despite the hostile policies of the President of the United States, Donald Trump, towards renewable energies, the president and chief executive officer, Patrick Decostre, reiterated that the American market remained.
If industry loses grants with Mr. Trump’s Big Beautiful Bill, Boralex can now adjust its prices accordingly in tenders. “There is fewer unknown than before the law, as long as we have the right assumptions for our models, we can determine our price and all the bidders will make their offer [avec les mêmes informations] “Summaged the CEO.
New York State has granted two contracts to Quebec producer last May, totaling 450 megawatts (MW) of solar energy. Mr. Decostre believes that these two projects are protected by the deadlines provided for in the bill.
Results lower than expectations
Boralex has unveiled results from expectations while weather conditions have not been favorable to the wind sector in France and the United States.
Although it increased by 14 %, production was 2 % lower than the second quarter forecasts.
The company unveiled a net loss of 4 million, compared to a profit of 17 million at the same period last year. The loss adjusted per share is $ 0.10. The income, for their part, increased by 3 % to 185 million.
The Montreal company had mentioned the possibility of selling assets in this sector in order to finance other projects, while it provides investments of almost 8 billion in the next five years.
Despite the disappointment, Brent Stadler analyst, from Desjardins Capital Market, welcomes the update on the evolution of portfolio projects. “Borax is being displayed significant growth in 2026.”
Boalex’s action lost $ 1.55, or 5.06 %, at $ 29.06 on the Toronto Stock Exchange in the early afternoon.