Boralex Inc
TSX:BLX
Boralex Inc
Boralex Inc., a stalwart in the renewable energy sector, has steadily carved out a significant presence in North America and Europe through its sustained focus on generating clean power. Founded in 1990 and headquartered in Kingsey Falls, Quebec, the company initially gained traction by capitalizing on Quebec’s robust forestry industry, venturing into cogeneration with wood residue. Over time, Boralex astutely pivoted towards specializing in the renewable energy arenas of wind, solar, hydroelectric, and thermal power. By leveraging strategic acquisitions and pursuing greenfield projects, it has expanded its portfolio to a capacity exceeding 2 GW, primarily dominated by wind farms, which account for a substantial portion of its energy output. This maneuvering not only underscores the company's commitment to sustainability but also positions it strategically within a growing market for clean energy.
Financially, Boralex thrives by capitalizing on long-term power purchase agreements (PPAs) that guarantee steady revenue streams and mitigate exposure to fluctuating energy prices. These agreements typically span several decades, providing the company with a reliable cash flow, a critical factor that bolsters its stability and attractiveness to investors. A significant share of its revenues comes from the sale of electricity across diverse geographies, largely within Canada, France, and the United States. By efficiently managing its assets and optimizing the performance of its installations, the company underscores its operational acumen. Furthermore, Boralex's continuous reinvestment into cutting-edge technology and expansion projects signifies its ambition to capitalize on the global trend toward renewable energy, ensuring sustained growth and societal impact for the foreseeable future.
Earnings Calls
In the first quarter of 2025, Boralex experienced a 1% decline in total combined production, impacted by poor wind conditions in France. EBITDA dropped to $199 million, down $19 million year-over-year. Despite these challenges, the company is advancing its growth strategies, with notable projects like the Limekiln wind farm now operational in the UK. Looking forward, Boralex aims to showcase its 2025-2030 strategic plan on June 17 and anticipates robust demand for renewable energy, expecting a combined annual growth of 8% to 10% in its production and solidifying its capacity pipeline to 7.1 gigawatts.
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[Foreign Language] Good morning, ladies and gentlemen, and welcome to the Boralex First Quarter 2025 Financial Results Conference Call. [Operator Instructions] Please also note that today's conference is being recorded. Finally, media representatives are invited to contact Camille Laventure, Senior Adviser, Public Affairs and External Communications at Boralex. Her contact information is provided at the end of the quarterly press release. And I would now like to turn the conference over to Coline Desurmont, Director of Investor Relations for Boralex. Please go ahead.
Thank you, operator. Good morning, everyone. Welcome to Boralex First Quarter Results Conference Call. On today's call, Patrick Decostre, our President and Chief Executive Officer, will provide an update of our business. Afterwards, Bruno Guilmette, our Executive Vice President and Chief Financial Officer, will present the financial highlights of the quarter. Then we will be able to answer your questions.
During this call, we will discuss historical as well as forward-looking information. When talking about the future, there are a variety of risk factors that have been listed in our different filings, which can materially change our estimated results. These documents are all available for consultation on SEDAR. In our webcast presentation, the disclosed results are both on a consolidated and a combined basis. Please note that combined is a non-GAAP financial measure and does not have standardized meaning under IFRS. For more details, see the non-IFRS and other financial measures section in the MD&A.
Mr. Decostre will now start with his comments. Please go ahead, Patrick.
Thank you, Coline, and good morning, everyone. It's a pleasure for me to present our results and achievements for the first quarter of 2025. This quarter, we observed significant variability in resource availability impacting our financial results. The strong performance of our wind assets in Canada only partially offset unfavorable wind conditions in France. Total combined production was down 1% in the first quarter compared to 2024. EBITDA on a combined basis was $199 million, which is a decrease of $19 million compared to Q1 2024. This change is due to a lower wind resource in France and anticipated lower power prices in short-term contract for wind farm in France than in the same period of 2024.
Bruno will cover later in more detail our first quarter financial results. During this first quarter, we continue to make strong progress toward our growth and diversification strategies, particularly with the commissioning of our Limekiln wind farm in Scotland, our first operating asset in the United Kingdom, an important milestone in a very promising market for Boralex. We now have over 3.2 gigawatts of assets in operation in our 4 key geographies and 660 megawatts of projects in construction and ready-to-build phase with commercial operations planned in 2025 and 2026.
Looking ahead, we look forward to present our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto. We're very positive on the future of our business and will continue to be ambitious in our growth and diversification strategies.
Regarding market conditions, the demand for renewable energy in our targeted markets remains high, driven by different factors such as favorable government incentives, population growth, industrial and digital expansion, creating new opportunities for our development activities. In Canada, following their recent victory in the federal election, the liberal party led by Mark Carney has committed to maintain the clean energy investment tax credit and doubling the indigenous loan guarantee program to $10 billion. Consequently, Quebec and Ontario remain strong potential growth markets for Boralex. Our local expertise and good relationships with First Nations and communities provide a solid foundation for preparing upcoming bids in both geographies.
In the United States, ongoing uncertainty surrounding potential policy changes and the implementation of tariff has led to near-term upwards pressure and economic volatility in the first quarter of 2025. Still, power demand in the United States remains strong, driven by growth in U.S. manufacturing and the expansion of data centers. It is, therefore, particularly important to stay focused on our long-term strategy of growth in the U.S. market as we believe that renewable energy projects, particularly solar and onshore wind projects are well positioned to meet this rising demand.
In New York State, the government will have to rely more heavily on onshore renewable energy to meet its climate goals following a federal order to stop the development of offshore wind facilities. In this market, we're still waiting for the final results of the NYSERDA 2024 request for proposals expected to be announced in the coming weeks.
While I have already highlighted the operation of our Limekiln wind farm, I would like to take this opportunity to thank the Boralex U.K. team for their hard work and efforts in bringing this project to completion. The successful commissioning of Limekiln is also due to the valuable consultation work with local communities carried out by our team, who has been present on the ground since the first stages of the project.
The operation of Limekiln enables us to strengthen our strategic position in the U.K., where we have strong growth ambitions for the coming years. We are now preparing ourselves to submit bids in the next AR7 RFP expected this summer. During the first quarter, we also continued to progress with construction of our project in Canada. The commissioning of our Apuiat project is expected this summer. Nearly all of the 34 turbines are now installed despite the later-than-anticipated start of operation and cost overruns, the internal rate of return of the project remains in line with our targeted range.
In Ontario, the construction of our 2 battery storage projects, Hagersville and Tilbury, are advancing as planned with commissioning scheduled by the end of this year 2025. Our Des Neiges Sud project wind farm is also progressing on schedule with commissioning planned for the end of '26 or beginning of '27. In France, we also have 3 projects under construction, all located in the region – [Foreign Language] France. Projects for Fontaine-Lès-Boulans and Febvin-Palfart totaling 29 megawatts will start operating in the coming months, while Les Cent Mencaudées project just entered the construction phase with the commissioning scheduled next year. With these projects, Boralex strengthened its position in this historically significant region where the company operates more than 500 megawatts.
I will now rapidly review the main variances in our portfolio of projects under development and growth path. The increase in the pipeline was mainly due to the addition of wind and solar projects in Europe and North America in the early stage. The increase in capacity of wind and solar projects in Europe and North America in early and mid-stage. And in total, our pipeline of early, mid- and advanced stage projects now consists of projects totaling nearly 7.1 gigawatt of wind, solar and storage projects.
In the first quarter, the gross pass represents a capacity of 887 megawatts, a decrease of 104 megawatts compared to the previous quarter, mainly explained by the transition to the operational phase of the Limekiln wind farm. This completes my part.
I will now let Bruno cover the financial portion in more detail, and we'll be back later for the question period. Bruno?
Thank you, Patrick. Good morning, everyone. This quarter, total combined production was down 1% compared to the same quarter last year and 11% lower than anticipated due to unfavorable weather conditions in France. Our combined EBITDA amounted to $199 million, down $19 million and consolidated AFFO amounted to $74 million, down only $4 million compared to the first quarter of 2024.
I will now provide a more detailed overview of our quarterly financial results, starting with production. In North America, total combined production for the quarter was 8% higher than the same quarter last year and in line with anticipated production. Production from wind assets in North America was 15% higher compared to the same quarter last year and 6% higher than anticipated for comparable assets.
Production for the hydro sector was 29% lower than last year and 13% lower than anticipated, mainly due to unfavorable weather conditions in the United States. Production from solar assets in the U.S. was 17% higher than the same quarter last year and 12% higher than anticipated. In Europe, total production was 16% lower compared to the same quarter last year and 28% lower than anticipated, attributable to unfavorable wind conditions in France. As mentioned by Patrick, the good performance of wind assets in North America only partially offset the lower contribution from wind assets in Europe.
The decrease in production, along with the impact of less favorable power prices in our short-term contracts in France affected our revenues and EBITDA. AFFO was impacted by the decrease in EBITDA, partially offset by lower distributions paid to noncontrolling shareholders in Europe compared to the same quarter last year and higher distributions received from our joint ventures.
This quarter, our balance sheet remains strong with $504 million in available cash resources and outright financing and $388 million in cash and cash equivalents as of March 31. Total debt increased to $4.1 billion with project debt representing 89%. During the first quarter, our finance team successfully extended the term of the company's revolving credit facility until February 2030, improving our financial flexibility to continue to support our growth. In April, the letter of credit facility guaranteed by EDC was also increased from $350 million to $470 million until April 2027.
Lastly, for this quarter, we have continued to make good progress on our CSR targets. For more information on our CSR strategy, I invite you to read our 2024 CSR report released in February. In conclusion, we continue to develop and execute our projects in attractive markets, maintaining a solid balance sheet and good financial flexibility. We are focused on delivering value to our shareholders as we optimize all aspects of our business and capitalize on our project pipeline to produce cost competitive renewable energy at rates of return in line with our targeted returns. Thank you for your attention. We are now ready to take your questions. We are now going to proceed with our first question.
[Operator instructions]. The questions come from the line of Rupert Merer from National Bank.
If I can start with your construction activities, you report some higher costs largely at Apuiat. Can you talk to us about what drove the cost increase there? And how are you feeling about the costs on the rest of your pipeline?
I'm sorry, Rupert, we missed the first part of your question. Could you please repeat the question?
Yes. Yes. You saw some higher costs at Apuiat in this quarter. I think the costs are mostly in there. But can you talk to us about what drove the cost increases there? And how you feel about the cost on the rest of your construction pipeline?
Yes. Rupert, it's Patrick. Essentially, the costs have been driven by difficulty with the BOP supplier contractor and which postponed the project during the winter. So, we had higher unexpected burn rate with cranes on site during the winter. And you know we have had a very tough winter in Quebec this year, specifically with deep snow and freezing rain. So that's one point.
The second point is on the commissioning part, the finalizing of the, what we call the mechanical completion on the site and commissioning. We are experiencing some more difficulty or we have had been experiencing some more difficulty. Now it's more online. We have put a new kind of framework with Boisé, which is controlling the contractor on site for us, to be sure that the right activities are done to finalize this MCC mechanical completion in time. And now there is 9 mechanical completions that have been done. End of next week, we should be around 14. So, we are progressing, but -- and looking to that. So, this is the main driver of the cost.
On the other project, the cost side on the storage and project, Hagersville and Tilbury, is going very well. These projects are well advanced. Hagersville, everything is on site. All the containers and batteries are already on site. On Tilbury, they are in Canada, but we are finalizing some work on foundations, but no expectation of cost increase. So, this is a good project.
And on Des Neiges Sud, we are working to maintain the cost where they should be. And we're, again, working with the same contractor in Quebec, Boisé, that has built many sites in Quebec and specifically Seigneurie de Beaupré in the past. So, they know the site. So that's the situation. I think, as I mentioned, I think in the last quarter, we restart the Quebec wind industry construction and with the project on the North Coast, that creates some difficulty, but we have learned a lot and we have optimized the way we are working to take the opportunity of the learnings.
Okay. Excellent. And secondly, we saw some legislation in Texas, SB 715, that's proposing backup generation for all renewable projects. How do you see that playing out? And if it does make its way into law, what would be your contingency plans for dealing with that?
Rupert, it's Bruno. So, we've recently seen this new proposal in the budget of the government, and the industry has started making representations around this to certainly lower the impact. It would start in 2027 and then escalate on.
You're speaking about TSP in Quebec, but I think Rupert was asking about the Texas backup and train. Okay. No, the team is looking to this point, but we have to see what will be the impact on our project and come back to you.
Okay. I know it's early and may not get anywhere as it stands in any case, but I thought I'd check in. I'll leave it there.
And the questions come from the line of Mark Jarvi from CIBC Capital.
Just in terms of some of the advanced-stage projects, there was a notice in the MD&A about some discontinuations. Can you just give more color in terms of what projects those are and what's forcing those projects to essentially discontinue at this point?
On the advanced stage, you mentioned...
Yes, the advanced stage projects, yes. I think there was 220 megawatts roughly of advanced stage projects that were discontinued.
Yes. There is some of these projects were projects that the delay to obtain authorization was too long in France. Then we had a difficulty on the lease finalizing. This is what, I think, the lease on one of the projects. And then there was a difficulty and a mismatch between the size of the available turbine and the size of the permitted turbine. And so, we have to say, stop the project because it was not meeting our investment criteria.
Got it. And then maybe, Patrick, you said you're still hopeful that NYSERDA comes out and awards these projects that were bid last year. Obviously, a bit more positive news on the tariffs this week. But just the house bill that came through earlier this week or the proposal, some maybe higher criteria on foreign content, in-service dates sunsetting a bit quicker. Just the viability of the solar projects in New York? And how do you think NYSERDA handles some of these changing criteria? Will there be sort of clauses and mechanisms to make developers whole if there's any changes that are negative for companies like yourselves or your peers?
Yes, it's a good point. Essentially, we are, as I mentioned, waiting for the final announcement from NYSERDA. The project that we bid, and this will definitely depend on when NYSERDA will give or not a green light, but we are in line to be in service before the due date of when it would start to decrease in 2029, the ITC in the U.S. So normally, we should be safe if NYSERDA is not coming in with a normal delay. So, we have also taken some action to safe harbor part of the equipment to be sure that if there is any change, we would be protected.
And last but not least, the connection, we have decided to put the necessary, which are not at risk, but which were guaranteeing our position in the queue. So, we're working on this, and we're working on the procurement of the solar panel within the U.S. And also, we're working on the balance of system contractor. We are presently in RFP for this part of the job to be sure that if, should not come late and award us, we will be ready to start early. So that's how we are playing with that.
What I think we should take into account strategically, and I feel bad for them, but the situation of Empire Wind will affect the generation in New York and the supply. And so, they will have to rely to some other project because the demand is growing there. So certainly, we will be well positioned for that.
Would the contract structure have some sort of pass-through mechanism, just depending on what finally comes in terms of tariffs or any sort of higher cost on meeting domestic content requirements?
There is no specific mechanism in the contract that we have seen at the RFP time. That is the only thing I can tell you today. There was no specific mechanism in the contract.
The next questions come from the line of Nelson Ng from RBC Capital Markets.
Just a quick follow-up on Mark's question. So, Patrick, you mentioned that the solar projects in New York, if selected, would be in service before 2029, and you also have the option of safe harboring. So, based on your initial read of the latest legislation, could you essentially just put a lot of deposits down prior to 2029 and safe harbor for the next, call it, 4 years? Is that how you see it? Is that what you meant by safe harbor?
I'm specifically saying that for the project that we bid in the 2024 RFP, and that we think are very competitive project. We have taken some risk of safe harboring essentially equipment transformer that are equipment that are needed in the world of power in the U.S. So we're not taking a big risk because if there is any big difficulty, we will have someone who will be ready to buy this transformer should we have a difficulty. So that's the point practically and concretely on this project.
On other projects in the future that could be bid, in the potential RFP of NYSERDA, it's very difficult to comment today because it will really depend of NYSERDA's position on this decrease of the tax credit in the U.S. if should this legislation go ahead. So there is a lot of if, in my point, a lot of conditional, but just to say we're very cautious and prudent on that. But practically, again, if NYSERDA is not too long to award project, we could have competitive project safe and profitable in New York.
Just to add to this point, Nelson, is about NYSERDA, I think we are told that an announcement is expected shortly. So it's not -- it's like imminent. So we never know. It's not in our control. So let's keep this in mind when we are thinking about safe harboring.
Okay. And then next question just relates to capital allocation. I noticed that you bought back a little bit of stock, I think, 24,000 shares in Q2. Can you just talk about your intentions on buybacks going forward? Like was that purchase mainly just opportunistic due to the market volatility? Or should we expect buybacks to continue?
Nelson. The program is in place. We're actively looking at the market changes. And as you've seen, we've bought back some shares in April, and the program stays in place, and we're going to remain active as long as we think our stock price is not at the right level. Thinking about, at the same time that, as I mentioned last time, our capital allocation is still focused mainly on our growth projects and financing of that. So I think we've sent a strong signal that we believe our stock price is underpriced, and we'll continue to buy back opportunistically, but also in an organized way and invest in our growth. We see also a lot of interest right now from many investors. We've had very constructive discussion with a lot of people in the past few weeks. So there's definitely a strong appetite for Boralex right now from different regions.
Yes. Great. And then just one last question. I'm not sure whether you'll have an update or not, but I think last quarter, you talked about the high interest in your hydro assets and the sales process. Do you have any updates in terms of expected timing?
Process is proceeding with high level of interest. That's all we can say at this time.
We are now going to proceed with our next question. And the next questions come from the line of Robert Hope from Scotiabank.
We recently saw Hydro-Quebec relatively do a good pivot to solar for the, I guess, out to 2035. How do you think about your capabilities? And how do you pivot to capture that opportunity?
I'm not convinced that for us, it would be a good allocation of development capital to develop solar project in Quebec due to the resource, the different constraint and more the alternative of lots of wind potential in Quebec that will certainly bring lower price in at the end for Hydro-Quebec. So I think this is my view of the Quebec RFP. There will certainly be interest from other players. It's a little bit different in Southern Ontario, where the resource is different. The constraints are different also and the potential alternative in wind are definitely lower. So, I think Ontario and New York are the good place and France are the good place for solar for us.
All right. And then maybe just on the battery strategy moving forward. How do you think about where the best opportunities are in the various geographies? And how does kind of the tariffs layer on to that?
Battery, essentially, we have significant capital deployment presently with Hagersvilleand Tilbury was very well, very unrisked contract because it's, as you remember, it's 22-year contract covering 70% of the revenue. We have been awarded a third contract, the same type of 125 megawatt with the Oxford project, the FID, the Final Investment Decision has not yet been taken, but we are making progress on finalizing the work around this, and we should be ready to take this decision in the next quarters.
And so that's one thing. So lots of opportunity in Ontario specifically. And the other market where we're seeing opportunity on, somewhere on a smaller scale for each project, but on a very big scale as a market is the UK.
The UK is an island. Great Britain is an island, but it's also electrically an island. So there is a lot of need of frequency response mechanism and load management. And so there is lots of opportunity. The type of contracts are different. So we have not yet taken any final investment decision, but this is also something interesting because the size of the market today, I think there is 5 gigawatt installed capacity in the UK already in storage and are planning in the next five years to go to 25 gigawatts. So, lots of opportunity in the UK. So no, we have to be sure that the business plan is, the risk reward of the business plan there will be acceptable for Boralex.
And I would add, in Canada, the additional benefit is the ITC, which we expect will remain in place. Just also that we are preparing ourselves for the upcoming bid in Ontario. So there's, in December, there's a capacity. There's two bids coming, like one for, sorry, do you want to...
Yes, one for energy and one for storage, and we're preparing for both different projects that is called LT2.
We are now going to proceed with our next question. And the questions come from the line of Benjamin Pham from BMO.
You mentioned some of the cost overruns that you're experiencing at Apuiat. And I'm wondering, we're seeing some of these Ontario storage projects tracking perhaps below budget cost. Are you seeing that at all your projects? Or is that already built into your initial cost estimates?
Are you Ben referring to other projects showing lower CapEx and the industry in general? Is that what you're referring to?
Yes, yes, I'd like to talk to other companies specifically, but we saw like Northland's Apuiat project come in $100 million below budget when they commissioned it. So, are you seeing any similar trends in your storage projects in Ontario? Or you've already factored that in already all just tracking to -- is --
Okay. That's clear. Thank you, Ben. Yes, what is clear is there is, it's a different situation. If you look with some high level, look, the cost of battery and the technology are improving quickly and the costs are going down. So that's one thing that we experienced in the past a lot in wind. We're still experiencing that in solar.
And so, battery and solar are somewhere similar. And so, the point is, and the cost of lithium has also gone down between the RFP assumptions and the procurement on our side. So, there is improvement on this. We have taken our investment decision a little bit after Oneida. I think 1 year after them, we will be, at the end, the delay will be 6 months because we have taken some risk on ordering a transformer and circuit breaker earlier.
But to come back to your point, I think if the technology is continuing to improve and the way batteries are produced and if there is not too much reshoring pressure, the cost will continue to go down, and there will be room for improvement. I don't, I'm not sure that it's still possible in wind today because of the size of the turbine and the constraint of transportation of blades.
Okay. Can you also talk about the sale process with the hydro assets, what you've learned so far, at what stage in the process and the time line going forward?
Ben, as I mentioned, we're going through the process right now, and we have a strong level of interest. We're not sharing more information due to the competitive process.
Okay. Got it. And then maybe just the last one in Canada, specifically, you mentioned Quebec and Ontario. I don't think you mentioned BC at all. There's been some positive news on permitting and focus on clean energy and all that, that could set well for renewable energy. Is that a market that you're thinking about a bit more these days or still Ontario and Quebec is the focus?
Yes. I would say Ontario and Quebec are the focus, but we have some development in BC, but it's not advanced like in Ontario and Quebec.
The next questions come from the line of Sean Stewart from TD Cowen.
Just one follow-up question. The 2.2-gigawatt advanced stage pipeline, I think we have a pretty good sense of where you stand with respect to New York. And I guess my question is with respect to the U.K. piece of this, can you give us a sense of what you're expecting to submit to the AR7 process and time line for advancing that? And if you can give us a sense of what the return differential spread looks like between these advanced stage opportunities, moving them up into the ready-to-build segment of your development pipeline?
Yes. On the return side, I would say that we have an investment guide, which is precise on the level of return we are asking depending on the type of contract, the duration of contract, the technology and the jurisdiction where we're developing. So, this is not changing. This has been increased. As you remember, we are seeing between 10% to 12%.
We will -- and I will not say in which jurisdiction and which technology it's 10% and in which jurisdiction and which technology it's 12% or over. But definitely, what I can say is that in the U.K. The good news is we will have, we're working on a handful of projects to be bid in the next AR7. We don't know yet the budget of the AR7 and exactly what will be the exact rules.
But if we copy paste what was AR6, we will have a chance to bid a handful of projects. And when we have different projects, as we are doing in France for the last many years, and we have done in New York, we have a strategy of some must-win projects, some nice to win project and some very nice to win project with a kind of ladder of the different return that we're putting there, and we're taking into account the fact that some projects are on the critical path to be built or some projects have room due to grid connection, for example, to be rebid the year after.
So, we're a little bit more aggressive on the return expectations there. So that's a lot of the strategy we are taking on the projects.
And the next questions come from the line of Nicholas Boychuk from Cormark Securities.
On the supply chain, can you comment at all on the availability and the time lines that your vendors are providing you as you're having these conversations to prepurchase solar panels to prepare for that for turbines. Are you seeing availability costs increase materially?
Essentially, what is, I think on the main equipment, battery, wind turbine and solar panel, it's not there that there is more pressure presently in the market. Where we are seeing difficulty, it's more transformer circuit breaker, bushings and all those things, which are due to lots of investment all over the world in HV or very high HV transmission system.
So that's where we are really looking and working with suppliers. Sometimes the purchasing team or the execution team is coming. So, we have a big alert there and they solve it in 1 week. So, we have many alerts over the last month. But so far, touching wood, we have solved all of them. So that's where is the constraint today.
Okay. Understood. And then on the main components, so like we'll use solar panels as an example, are you seeing an increased demand for domestic or at least North American or Western European produced material versus something coming out of Southeast Asia?
Yes. We're seeing this trend in the U.S. definitely, and we have worked specifically for the NYSERDA project, we are working for, with a local domestic supply chain. So that is something. On battery, there was, I had a meeting some weeks ago with a big Chinese company, but who is specifically investing in the U.S. to produce batteries there at a very competitive cost. So, I think there is things are moving in this direction. And I'm not convinced it will move definitely to very, very higher cost. There is time for the market to adjust. But yes, it's moving.
The situation in Europe is completely different because there are, there is less limitation to Chinese goods today in Europe. So, the price of solar panels, for example, are almost 1/3 of what it is in the U.S. per watt, which is a little bit crazy situation, but that is the situation.
We have no further questions on the phone line at the moment. So, I'll hand back to you for any webcast questions that you may have.
Thanks, everyone, for your attention. As part of our strategic presentation, a site visit is scheduled on May 16 in Hagersville, Ontario, where Boralex is pursuing the construction of a 300-megawatt battery storage project.
The Investor Day will take place on May 17 at Lumi's Toronto offices and will also be streamed live for remote participants. An official invitation will be distributed via the press wire tomorrow. Should you need more information on this event, please contact me or Stephane Milot.
Our next conference call to announce second quarter results will be on Friday, August 8, 2025, at 11:00 a.m. Have a nice day, everyone.
This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.