Q3 2023 Boralex Inc Earnings Call
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Good morning, ladies and gentlemen, and welcome to Boralex third quarter of 2023 financial results Conference call.
Like the toll lines are in a listen only mode.
In the presentation, we will conduct a question and answer session in which financial analysts shareholders and investors will be invited to ask the questions.
To ask a question during the session you will need to press star one and one on your telephone also notes that the call is being recorded.
A webcast participants you can also ask questions during the conference, but they won't be opposite by email after the call.
Finally media Representatives are invited to contact to come in at that point, you would find that public affairs and external communications at Boralex.
Contact information is provided at the end of the course of the press release.
And I would like to turn the conference over to Stephane Bello Vice President Investor Relations for Boralex. Please go ahead.
Thank you operator, and good morning, everyone. So welcome to bottlenecks third quarter results Conference call joining me today on the call.
Our president and Chief Executive Officer.
Our executive Vice President and Chief Financial Officer.
And other members of our management and finance teams.
Before we start with the review of Patrick that costs would like to make a special comment. This morning, So I'm glad that it.
Good morning, everyone. It is with great sadness that we learned of the passing of the Alexandre.
Good morning.
On behalf of all bottlenecks employees and my colleagues of the Executive Committee, we offer our sincere condolences.
To me still do math, how many enough to win.
And that was a passionate entrepreneur who had the vision to enter the renewable energy sector in 1990.
You went on to become a pioneer in the development of wind power in Quebec in France.
Today.
We pay tribute to his remarkable legacy fall behind X.
Through strong values that remain at yards of the company business practice.
Andrew it's admirable contribution to Quebec entrepreneurial landscapes.
No that is continually reinvented himself.
Well advanced as groundbreaking vision and she bottlenecks.
In its own way.
The way that push us.
To always aim higher and further together.
It is another for us to be able to carry this legacy forward to how the company and beyond.
Thank you for everything.
Thank you Patrick and.
Thank you Beth.
Ben.
Such an inspiration.
Get back to a Dec water.
So Mr that the costs will begin with comments about market conditions and the highlights of the quarter afterwards, Mr. Guilmette will carry on with financial highlights and then will be available to answer your question.
Yeah.
As you know during this call, we will discuss historical as well as far as looking information.
When talking about the future are a verity of risk factors that have been listed in our different filings with securities regulators.
Which can materially change our estimated results. These documents are all available for consultation at SEDAR plus dossier.
In our webcast presentation document the disclosed results are presented both on a consolidated basis and on a combined basis.
When talking about the resorts, we generally refer to combine numbers and when referring to cash flow and balance sheet with generally referred to consolidated numbers. Please note that the combined is a non-GAAP financial measure and does not have standardized meaning under ifr.
Accordingly, combined may not be comparable to similarly named measures used by other companies for more detail see denon Ifr's and other financial measures section in the MD&A.
In the press release, the MD&A, the consolidated financial statement and a copy of today's presentation are all posted on the Biotics website at <unk> Dot com under the investors section.
If you wish to receive a copy of these documents please contact.
Mr. Dirk Ashwin I'll start with his comments. So please go ahead. Thank.
Thank you Stefan.
It is a pleasure for me to present, our resolute and achievement for the third quarter of 2023.
Despite an economic environment. This quarter was another culture, showing strong progress towards our growth diversification optimization and customer strategic directions.
We continued to focus on our on the disciplined execution of our work plan to reach our 2025 objectives.
As we will highlight on this call.
We expect our projects in construction and in secured phases.
To generate high level returns driven by PPA prices that know better reflect the current.
<unk> situation and higher financing costs.
Going back to the highlights in this quarter, we continued to perform well generating strong financial results.
Total combined production increased by 31 persons in the third quarter compared to 2022.
The integration of wind farms, we acquired in the U S.
The commissioning of assets and the good performance of comparable wind farms in France more than compensated the.
The impact of particularly unfavorable wind conditions in Canada.
Thus illustrating the strength of our diversification strategy by region and technology.
EBITDA for the third quarter was 113 million up 50 million over 2022 or 22 million after adjusting for a 28 million revenue reversal for certain feed in premium contract in France.
[noise] accounted for in the third quarter 2022.
The contribution from the U S acquisition, and the commissioning of assets in France more than offset the pressure on earnings from the lower production, although we're at Canadian wind farms.
Our balance sheet is strong with nearly 400 million in cash resources and authorized financing facilities, providing significant flexibility.
Full funds to fund our growth.
Our teams continued to make significant progress in our growth strategy was 509 megawatt of projects.
Two the early and mid stages.
Although we're a pipeline in the quarter no representing close to 614 gigawatt in capacity.
Our projects in construction and ready to build are progressing well.
This quarter, we completed the financing of a wind farm in Quebec for roughly 600 million.
Work is currently underway and the commissioning is planned for the end of 2024.
We also secured a contract for difference for our Lion King Wind farm in Scotland.
The level of the strike price reflects the current market conditions and the lowest to achieve a very good expected return.
We are currently finalizing the financing that should be completed in the beginning of 2024.
Finally, our battery projects in Ontario are also progressing well.
Budget is in line with our expectations and we are in the final phases of negotiation with all word preferred battery supplier.
Commissioning is expected for the second half of 2025.
I won't go into all the details of market conditions, but in general I would say that in all our core markets. The demand for renewable energy remains high with strong commitments from the government to reduce their carbon footprint leading to <unk>.
Vestments in renewable energy sources.
Yeah.
Favorable programs are being desk discussed or put in place in particular D. C investment tax credits in Canada.
It is expected that the proposed legislation will be part of the full economic statement to be presented in November.
After that the law.
We'll have to go through the regular process to get final approval. Some sometime in the first half of 2024.
The programs in Ontario, and Quebec.
Our particularly strong with very important potentials.
As you know we are well positioned in these two markets. We are particularly positive about the recent announcement by hydro, Quebec to triple the wind capacity by 2020 by 2035 and massively invest in transmission grid.
I would know rapidly reviewed the main variances in our portfolio of projects and gross baths.
The increase in the early stage was mainly due to two factors first. The addition of six new solar project and one storage project in North America.
As well as two solar project in Europe for an additional 244 megawatt.
Then the transition to the mid stage phase of one wind project in North America as well as for wind project and one solar project in Europe for a total reduction of 142 megawatts.
The change in the mid stage was mainly due to the addition of a new wind project in North America for an additional 265 megawatts.
400 megawatt wind project in North America is expected to be replaced with a project under review of approximately 200 megawatt.
Their site in the same region.
The transmission the transition to the advanced phase of one wind project in North America as well as one wind project in one storage project in Europe for a total reduction of 236 megawatts.
In October 2023, the public service.
Our mission.
In New York States decided not to add.
The price adjustment close or project selected under RFP in the recent year.
In parallel nicer, Dar announced an expedited RFP process for which the criteria are being defined.
Following this decision.
We are evaluating the possibility to resubmit of resubmitting, our 200 megawatt solar.
Project.
In New York.
And has therefore move them back.
Two the advance stage.
In total our pipeline no comprise project totaling five six gigawatt of wind solar and storage project.
And the gross baths.
The secured stage no representing 454 megawatt the decrease of 200 megawatts related to the New York Project I just mentioned.
I won't cover in detail the progress made in our growth and diversification strategic direction as I've already talked about the major highlights.
On the customer strategic direction, we see that in all geographies we operate.
Great PPE market are accelerating and start structuring.
Clearly in France, we continue to have discussion with numerous corporations has the demand for renewable energy contracted at Dr. <unk> Chief price remain high.
This completes my part I Wouldnt know that Bruno cover the financial portion in more detail and we'll be back later for the question period Greenhill. Thank.
Thank you Patrick good morning, everyone.
I will start with a review of the progress made in light of our 2025 corporate objectives.
As mentioned earlier by Patrick our balance sheet remains solid with nearly $400 million available and cash in now to raise financing.
25% higher than in the previous quarter.
We continue to make good progress on the EBITDA and <unk>.
Reinvestment ratio is in line with our target at 59%.
About our CSR strategy, we continued our efforts on the environment, social and governance fronts.
As presented on slide 16.
For more detailed information, including.
Data on Cotwo emissions and work done in relation to climate change and the <unk> initiative.
Invite you to read our toward CSR report.
It was published in February.
I will now cover the financial results for the third quarter, starting with production.
Overall total wind production for the quarter, combining Canada U S and France was 38% higher than last year, but 9% lower than anticipated due to highly unfavorable wind conditions in Canada.
Total production for the hydro sector was 23% higher than last year.
And 15% higher than anticipated.
Very favorable weather conditions in the U S more than offset the unfavorable conditions in Canada.
Finally production from solar assets was 2% higher than the same quarter last year.
About 15% lower than anticipated.
In summary, total production for the quarter.
Was 31% higher than last year.
And 7% lower than anticipated.
Third quarter combined revenues increased by 67% compared to last year, mostly due to the integration of our acquisition in the U S.
The commissioning of assets and a better wind conditions in France.
Combined EBITDA increased by $50 million in the third quarter and the operating income was up $54 million.
As mentioned by Patrick the third quarter of 2022 included a $28 million revenue reversal for search and feed in premium contracts in France.
<unk> sorry.
Third quarter was $21 million compared to $1 million in the same quarter last year.
Our financial position is solid.
With our net debt to total market capital ratio of 45%.
In conclusion, a good third quarter.
As we continue the disciplined execution of our strategic plans.
We made good progress along our four strategic orientations, we continued to grow and diversify by adding more than 500 megawatts of wind and solar projects to our pipeline.
Which reach.
Reached close to $6 five gigawatt of capacity.
The market environment continued to be.
Favorable development activities with several requests for proposals ongoing in our markets.
EBITDA and operating income increased <unk>.
<unk> to the third quarter of 'twenty two.
Thank you for your attention, we're now ready to take your questions.
Thank you.
I would like to ask a question. Please press star one and one on your telephone and wait for your name to be announced and to withdraw. Your question you compress star one again.
One and one for questions.
We will now take our first question.
This is from the line of Nick Wojciech from <unk> Securities. Please go ahead.
Thanks, Bruno just going back to the 2025 strategic goals you mentioned it sounds like the organic growth opportunities in your pipeline are robust and abundant.
Attractive returns on capital how comfortable are you guys with reaching that medium term goal of four four gigawatts of operating capacity by year end 2025.
Thank you Nick.
While we are confident to reach our targets.
Not at any cost, but certainly we have different opportunities to to continue to optimize both the.
The execution of our projects.
A combination of emmis.
M&A.
We believe that the market.
Offers more and more opportunities that are good returns on that front.
Sure.
For for now or.
More than ever focused on the disciplined execution of the plan.
The strategic plan for 'twenty five.
Okay. Thank you.
As it relates to the capital that you have on hand, right now the $400 million.
Is that sufficient to fund the organic near term growth.
You do have to continue to.
Yeah.
Use the debt markets, how deep and constructive are those parties right now.
How flexible are the terms that they're giving.
Are you comfortable that youll be able to get.
Basically priced capital to fund that entire growth path.
Yeah, we're we're confident our balance sheet as I mentioned, our balance sheet is strong we continue to work on different initiatives to optimize our financing including.
Increasing our credit facilities.
Discussing partnerships.
We don't see a need to issue equity in the near term or in 2024.
And we.
We are.
As mentioned on our on our credit front, we're not we're not highly leveraged. So we have we have room to to increase on that front.
Continuing to generate good cash flows.
And.
We will look at.
That sell down of assets, if and when when it makes sense as we've done in the past.
Okay excellent. Thank you Darren.
Thank you Nick.
Thank you, we'll now take our next question.
And this is from the line.
Hi, everybody.
Everybody Hello.
Hi.
Sorry for your loss.
Question on New York Long question here, you've got seven.
740 megawatts I believe that you are looking to to rebid can you give us more color on.
When the opportunity to re bid comes in and maybe some color on how much the costs will be up relative to the first time you bid these projects.
And our end to end with that any thoughts on whether or not you can be as competitive with the same sites as you were last time around.
Sorry, I know that's a long question.
Thank you.
I will try to make a call.
Here, hence her.
Hey, Rupert.
First point is.
Nicer.
No issued RFID or request for information. So also the ask is in the industry. What is our view to make the RFP do must efficient in order to deliver.
The project and be able to choose to respect finding.
The 70% target in 2030 that theres been reconfirmed by the governor Okay. So that's the first that's the first point.
And so this is underway we have already replied, our position last week.
And and so we expect that there would be.
The RFP.
It really issued in December and then to get.
Okay.
And the awarding date.
The first half I would see of 'twenty 'twenty four I don't know exactly defense many times.
Oh.
The response of nicer is not always the same so so I think that first half of 2024 is something reasonable so that's for the win.
For how much.
Cost the price that we would be it would be higher.
Hi.
My My view is generally speaking what we see.
In markets in in Quebec in France in the UK is roughly 40, 45% higher I'm not seeing that that's what we're we will beat my understanding is that when you compare to the awarded offshore project in New York do you have been awarded was an average.
Rise over 143.
U S dollar per megawatt hour, so definitely solar would be really more competitive for the New York New York Taxpayer and then there is but there is a room of improvement from the price would be in 2019 and 2021. So that's where we are the second point is.
<unk>.
I don't know exactly.
What will be.
The rules of the tender and how they will there would be price points and how much they would be non price points.
To make a difference between project, which are where the.
Land is already secured where the connection is already secured with a delay and where.
Local communities consultation is already advanced or the projects sometimes are already environmentally fully permitted. So obviously, we think that if they want to too.
Achieve their goal in 2030 day needs to.
Do you have many non price points too.
To be sure that the project, which are advanced.
Would be would be selected social I think I hope that answer your question by your long answer.
Yes.
A quick follow up.
Does that.
Assuming that you do get an award in the first half of 2020 for how quickly we.
Could you bring those two.
And could they end up being part of your four four gigawatts by 2025 or maybe they followed soon after.
Yes.
That's also a good question and essentially when I'm discussing with my development and purchasing team is.
There is interesting signal of cost of panels going down indeed.
In the U S also.
On the outside of the U S. Because the U S is completely different.
Market.
And potentially also other costs.
C being being less under pressure and so I think it will it will really depend off an optimization of being quick interim off.
For changing the things and building them or optimizing them, a little bit more and waiting a little bit. So so I have no answer on this today, but <unk>.
Typically we can do something in 18 months, but it could be could be preferred build to do it in a I don't know 24 to even even a little bit more depending of the price pressure at the time of the award.
We will definitely look at the and the present value and the best return for buybacks at that time.
Great. Thank you I cannot also our route birthday, a point on the RFP that are as you know Patrick was referring to the expedite RFP process.
And we'll.
We will wait for their rules.
You mentioned I think two to bid to select the projects, we will bid, but don't forget that there's also a regular RFP program. So there's going to be a 2020 for RFP.
So dose so will we.
We are and that's why we're doing right now and that will do in coming weeks and months to determine what.
<unk> will be bid in the expedite and what will be bid in the next regular RFP silver just wanted Matt mentioned that don't forget that.
There's a there's a regular program also.
Yes, Thank you I'll leave it there.
Thank you well.
We will now take our next question.
And this is from David Cassada from Raymond James. Please go ahead.
Yes, thanks, guys.
Maybe just turning to come back.
In the news there I'm just wondering if.
You could provide us an update on.
Sort of what your what your bidding strategy will be for the multiple rfps. There I know you've got some going already in and maybe on hydro specifically I noticed they included yes.
Expectation of some hydro I'm wondering if you have any development stage hydro project in the province that could fit that.
But generally speaking.
If I understand correctly your question.
Our bidding strategy from.
You start beginning of this year.
We have increased our expected returns that's the first point.
And then and there.
Then.
On the project, we bid here in Quebec.
We have.
265 megawatt project, which is a 100 person but highlights.
Other 100 megawatt project, which is a 50 50 partnership with the local electricity.
Distribution there is still some exception in Quebec.
On that.
Both projects are what is I think very interesting is they have no competition on the grid connection locally because you have you have seen that there is.
Almost a little bit more than three gigawatt that theres been offered on these on these RFP, but when you check on some nodes. There is three project competing for the same grid connection on some other nodes. There is two project competing and specifically on the nodes, where we have the <unk> project and this is one of the.
Reason, we have done that there is no competition. So so so I think this is this is interesting.
And.
Generally speaking.
The announcement of hydro Quebec.
Last week off on top of what is installed already what is under construction, meaning the one four gigawatt.
We are we have contract contracted was hydro Quebec.
And the last tender.
There is still six gigawatt that has to be built before 2035 in Quebec.
So definitely we are working hard to be able to bid on this project we are working hard with.
Communities and we're working hard with first nations also to be ready to bid on these these project.
C aggressively nuc, meaning was the low return, but aggressively trim of volume of what we would be able to bid.
Excellent I appreciate that color. Thanks, Patrick and then maybe just going back to.
The comment around M&A and maybe just if you could touch on.
If there is any.
Any jurisdiction that looks particularly interesting and just thoughts on how valuations have trended and.
And if possible what kind of size you might look at.
Yes, the first point on on on M&A is there is no rush.
Need to see where the M&A market.
<unk> is going because the cost of capital is as such.
The company's us private fund and many investors also could be stressed in the future.
So.
We will.
Well look on the in the jurisdiction, where we are operating assets.
We will.
As much as possible and look for something where there is.
Assets in operation and development the value of developments as gone down but.
But I think it's too low today, probably and so there is opportunity considering the global environment and the need of renewable energy.
To create value for for us.
To acquire also developments.
Team.
And project and then and then but again it would not be done that any cost as Brito mentioned.
Excellent thanks for that Patrick I'll turn it over.
Thank you.
Thank you.
I will take the next question.
This is from Mark Jarvi from CIBC. Please go ahead.
Thanks, condolences to the La Mer family and the broader Boralex team on the passing and Bernard.
So just coming back to the potential expedited RFP in New York give any sense of whether or not it's just the 200 megawatts, which were secured a couple of years ago or any of the other projects from the subsequent rfps it didnt get to adjustment would be potentially eligible.
In the upcoming RFP.
I think it's very difficult to say today.
We have we have work hardly to answer and give our comments.
I cannot tell you before having the rules of the RFP or many project will be will be we would be able to.
To bid us and others. So we will have more clear view of that.
The mid December if the shoe the expedited RFP at that time.
Where I am confident is that all our project.
Are well advanced in terms of developments, who are able to be delivered.
In the timeframe that is needed for <unk>.
To meet the.
The 2030 target of Av.
The governor so I think we can we can leverage on that opening.
Okay.
And Bruno you mentioned partnerships is that exclusively for larger M&A is that is that something that can be done on others.
Are there other sort of larger greenfield aspirations, whether it's bigger rfps and opportunities and New Yorker, Quebec, maybe sort of how you view partnerships as an option right now.
In General we are we did a lot.
By ourselves.
So on on Greenfield, it's mostly it's mostly us.
So partnerships are more either with.
On larger M&A, which which could include Patrick mentioned.
Operating and pipeline.
But also potentially in.
In the future as well on partnerships on existing operating assets.
As as we've done in France, so to either on new.
Not at this time considered on pure Greenfield.
Yeah.
And then I think there was a comment earlier on about the strength of the corporate PPA market. His comment right now how you see things, particularly in France, where I think you've done both options are bidding into the RFP with EDF and then corporate market, where are you seeing clearing prices between those two options.
Duration of contracts on the corporate market and helps me returns from those two options to go corporate versus the utility back PPA.
Mhm.
Generally speaking.
My My my view is is that.
The corporate PPA market for long term contract.
And new assets is a little bit higher than.
Utility backed PPE or cfd contract with EDF, which is normal because the counterparty is not at the end of the French state. It's another controversy, but it's.
So it's interesting and it's an opportunity for us.
Uh huh.
On the shorter term market for existing assets. There is also lots of demand.
We have we have we are.
We're in negotiation to well advanced negotiations to renew our two contract in France was significantly higher price within existing customers and there is a reason for that is because the forward price for the next three years are higher and the customer.
Does once to secured is procurements.
In renewable energy and guarantee of urging Sue So I think it's a very good option and on top of all this lie.
Like in North America, specifically, it's in Quebec, and Ontario, There is.
There is a lot of demand for new project.
<unk>.
Battery production facility.
PV panel Green.
Green steel and hydrogen and so there is also.
Market, which is moving on these sites a lot so which is I think also a great opportunity for us not only in France.
And then if you just think about as you look ahead in the coming quarters.
<unk> corporate Ppas in France for Greenfield development, something that you think is.
Likely or do you think for now.
Pardon for new Greenfield long term contracts, the EDF rfps or are the most likely path forward.
No. We will we will we were chasing both and it's a I would say it is very likely that we will sign something on corporate PPE and we will continue to bid because there is tender from EDF formed to create this the consumer like you would have somebody in energy that will come and where we will be we will be bidding.
But we were looking to both options all the time okay.
Okay, alright, thanks for the time.
Maybe mark just an add on to my previous answer on on the on the developments and partnerships because we do have partnerships with.
For example, with first nations and so on on new assets. So I wanted to clarify is talking mostly about.
As we as we lead dose does developments, but we do have partnerships there as well so.
Two to exclude those types of partnerships, but.
Local municipalities.
And first nations for examples.
No I understood that I was thinking more developers in your financials. So thanks for clarifying.
Thank you.
Thank you, we'll now take our next question.
This is from Sean Stewart from TD Securities. Please go ahead.
Thank you and good morning.
Couple of questions.
Wondering if you can give some broader comments around.
Capital recycling opportunity right now.
<unk> has been.
Seller of assets historically.
And evaluations.
Contracted enough that those types of initiatives are off the table for now.
I'm just thinking in terms of the broader funding platform.
Sounds like you've got opportunities to add leverage but.
Broader comments on capital recycling opportunities for the company.
Hi, Sean.
So as I mentioned.
This is an opportunity that we we continue to monitor.
And.
We believe we have clearly we have good assets we have demonstrated.
In the end.
Near past.
There is and we believe there continues to be a discrepancy between.
Private asset valuation and the valuation assigned by public markets.
With just a different.
A different view on timing and risk.
So.
If and when it makes sense.
That will.
We will continue to have those types of discussions, but it's not something that.
That will do everyday but when we believe there is significant value to the partner.
And some of our existing assets.
It's a possibility and we do continue to believe there is a value creation on that front that's potential.
Okay. Thanks for that detailed Bruno.
And a follow up question on the corporate PPA environment.
You gave lots of good detail to previous question I was just wondering if your sense, we've seen sort of unclear.
Unconstrained growth in terms of price terms in both North America, and Europe for corporate Ppas.
For the last several years despite volatility in wholesale power market.
Any sense or any deceleration.
<unk> and those price terms.
At this point.
You referenced accelerating growth I assume that referred to.
Interest in terms of megawatts corporate silicon design, but any further comments on price terms and sustainability of upward momentum there.
Yes My view.
And what we see presently is.
The demand is really there.
The.
Yeah.
Many corporate in terms of price.
Look on on on long term and you build new assets.
It's interesting to see that.
The price are little bit higher than than than utility prices contract.
But but it's secured.
The <unk> the energy buyer for the long term and many.
Yeah.
Big per Cheeser, who wants to secure them on green electricity.
Are more looking not at any price of used either as a comparison, but to secure their energy and in Europe, specifically to also secured the guarantee of origin of the electricity. So I think I think that that's great. There is some big announcement, there was noise Volta you're in Quebec, there is other.
Their announcement in France, I understand that there would be a big announcement tomorrow with the with hydrogen production in Quebec that would be feed it was renewable energy hydro Quebec.
Specifically.
New renewable and hydro Quebec.
Balancing contract.
This is in the in the newspaper this morning.
And this means more pressure on the corporate PPE and on the utility also to provide energy.
Futures, So I think it is.
Not cooling down so much presently abuse its' not the price that was that was last year in France, but the long term prices never gone too too crazy price, but but but.
<unk>.
Yeah, that's that's where that's where we are.
Yeah.
Thanks for that Patrick that's great detail I'll add my condolences to.
So the team on Mr. Lemaire spasm.
Thanks for your time.
Thank you.
Thank you.
There are no further questions coming through at the moment, So I will hand back to the speakers. Thank you.
Well, thanks, everyone for your attention and if you have additional questions.
Please don't hesitate to give me a call by one four to 13045.
I'll make sure we quickly answer your questions and our next call to announce fourth quarter results will be on Friday March 1st.
'twenty 'twenty four.
Yeah.
At 11, a M I have a nice day everyone. Thank you.
Thank you.
Thank you that does conclude the conference for today. Thank you for participating and you may now disconnect.
Okay.
[music].
Okay.
[music].
Okay.