U.S. Growth Strategy: Boralex Signs Contracts for Two New York Solar Projects Totaling 450 MW

Boralex Inc. (BLX) has secured Renewable Energy Standard Agreements with NYSERDA for its Fort Covington (250 MW) and Two Rivers (200 MW) solar projects in New York, totaling 450 MW. These contracts, awarded under NYSERDA’s 2024 Renewable Energy Standard Competitive Solicitation, signify a major advancement in Boralex's U.S. renewable energy portfolio and support New York's clean energy targets. Construction is slated to begin in 2026, with commissioning expected in 2028, providing power for approximately 105,000 homes and creating 300-400 construction jobs.

Analysis

Boralex Inc. has announced a significant advancement in its U.S. renewable energy operations by securing Renewable Energy Standard Agreements with the New York State Energy Research and Development Authority (NYSERDA) for two solar projects, Fort Covington (250 MW) and Two Rivers (200 MW), totaling 450 MW. These agreements, resulting from NYSERDA’s 2024 competitive solicitation for Tier-1 Renewable Energy Certificates (RECs), underscore Boralex's growing footprint in the strategic New York market and contribute directly to the state's ambitious clean energy goals. Construction for both projects, located in Franklin and St. Lawrence Counties, is anticipated to commence in 2026, with commissioning expected in 2028. Upon completion, these facilities are projected to power approximately 105,000 homes, generate 300-400 construction jobs, and provide long-term operational roles, indicating substantial local economic and environmental benefits. The projects have received positive endorsements from local town supervisors, highlighting Boralex's effective community engagement and project adjustments that have built trust. This development aligns with Boralex's broader strategy of expanding its North American renewable energy platform, which has seen its total installed capacity grow by over 50% to more than 3.2 GW in the last five years, with a further portfolio of over 8 GW in development and construction.

Key Decisions for Investors

• Investors should view these NYSERDA contracts as a positive catalyst for Boralex, reinforcing its growth trajectory in the U.S. renewable energy sector and enhancing its long-term revenue visibility through secured offtake agreements.
• Given the project timelines, with construction starting in 2026 and commissioning in 2028, it is advisable to monitor key milestones, including final permit approvals and adherence to construction schedules, as execution will be critical to realizing the projected benefits.
• The projects' alignment with New York's clean energy targets and strong local support may de-risk development, making Boralex an increasingly attractive investment for those focused on ESG mandates and the renewable energy transition.