Boralex's growth strategy drives financial results higher in the first quarter

MONTRÉAL, May 6, 2015 /PRNewswire/ - Driven by its growth and diversification strategy, Boralex Inc. ("Boralex" or the "Corporation") (TSX: BLX) reported higher results for the first quarter of 2015.

FINANCIAL HIGHLIGHTS (on a proportionate consolidation basis)⁽¹⁾

Overall, Boralex benefited from the contribution of assets acquired from Enel Green Power France ("Enel") and the commissioning of new assets in both Canada and France, which offset wind and water flow conditions that were generally less favourable than in the first quarter of 2014.

Boralex President and CEO Patrick Lemaire mentionned, "The recent large acquisitions position Boralex very well for the future. With a clear vision of our growth potential and benefiting from a favourable financial and legal environment, we can look forward to the prospect of completing a large number of new projects that will drive Boralex's development in the coming years."

Following the significant acquisition completed in France at the end of the year, Boralex seized the opportunity during the first quarter to repurchase Cube Energy SCA's interest in the Corporation's European assets. As a result, Boralex now enjoys maximum flexibility to implement its growth strategy in Europe.

The quarter was also highlighted by the issuance of 9.5 million shares for gross proceeds of $124 million. This issuance served to fund the Enel acquisition and to broaden Boralex's shareholder base and improve the liquidity of its stock.

SECOND SOLAR POWER PROJECT IN FRANCE
Boralex has launched the construction of a second photovoltaic solar power project with an installed capacity of 10 MW and which is slated for commissioning in the third quarter of 2015. Located in the Alpes de Haute-Provence region, the Montfort-Peyruis project has a 20-year contract with Électricité de France and will require investments of nearly €11 million.

This project confirms the Corporation's intention to continue its development in the solar power segment in France and Canada.

OUTLOOK
Boralex is expecting to significantly grow its wind power segment results in the coming years, driven primarily by the contribution of operating sites acquired from Enel, the full-year contribution of sites commissioned during the past fiscal year and the expected contribution of assets for which contracts have been signed and which will be commissioned by the end of 2017.

In the longer term, notwithstanding a highly competitive environment, Boralex is in an excellent position to develop a significant portion of its pipeline and keep a watch for acquisitions. In particular, Boralex can rely on a favourable regulatory environment, above all in France where it is possible to benefit from long-term power sales contracts with fixed and indexed prices. Boralex has also been benefiting from an experienced team in France for over 15 years.

DIVIDEND DECLARATION
The Corporation's Board of Directors has authorized and declared a quarterly dividend of $0.13 per common share. This dividend will be paid on June 15, 2015 to shareholders of record at the close of business on May 29, 2015. Boralex has designated this dividend as an eligible dividend within the meaning of Section 89.14 of the Income Tax Act of Canada and all provisions of provincial laws applicable to eligible dividends.

The Corporation is also announcing that Vice-President and Chief Financial Officer Jean-François Thibodeau is temporarily absent for medical reasons. He should be back next week.

About Boralex
Boralex is a power producer whose core business is dedicated to the development and the operation of renewable energy power stations. With about 250 employees, Boralex is known for its diversified expertise and in-depth experience in four power generation types — wind, hydroelectric, thermal and solar. Currently, the Corporation operates in Canada, France and the United States an asset base with a capacity of more than 1,110 MW, of which over 950 MW are under its control. Boralex is also developing, both independently and with partners, a number of energy projects of over 150 MW of power will be commissioned by the end of 2017. Boralex's shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB, respectively. More information is available at www.boralex.com or www.sedar.com.

Caution regarding forward-looking statements
Some of the statements contained in this press release, including those regarding future results and performance, are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measures it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular projection. The main factors that could lead to a material difference between the Corporation's actual results and the projections or expectations set forth in the forward-looking statements include, but are not limited to, the general impact of economic conditions, raw material price increases and availability, currency fluctuations, volatility in the selling price of energy, the Corporation's financing capacity, negative changes in general market conditions and regulations affecting the industry, as well as other factors discussed in the Corporation's filings with the various securities commissions.

Unless otherwise specified by the Corporation, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made.

There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.

Non-IFRS Measures
The Interim Report contains a section entitled "Non-IFRS Measures." In order to assess the performance of its assets and reporting segments, Boralex uses EBITDA and cash flows from operations as performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. These non-IFRS measures are drawn primarily from the unaudited interim condensed consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies.

Proportionate consolidation
The Interim Report also contains a section entitled, "Reconciliations between IFRS and Proportionate Consolidation," in which the results of Joint Ventures 50% owned by Boralex are treated as if they were proportionately consolidated and not as if they were accounted for using the equity method as required by IFRS. Since the information that Boralex uses to carry out internal analyses and make strategic and operating decisions is collected on a proportionate consolidation basis, management has considered it relevant to include the "Proportionate Consolidation" section to make it easier for investors to understand the concrete impacts of decisions made by the Corporation. Accordingly, tables included in this section reconcile IFRS data with data presented on a proportionate consolidation basis.

SOURCE Boralex Inc.

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