MONTREAL, CANADA-BASED Boralex Power Income Fund's profits rose sharply in the second quarter of this year due to revenue growth from solid performance of its hydroelectric plants and the impact of two US facilities acquired last Autumn.
Boralex’s hydroelectric plants accounted for more than half the fund’s revenue in the second quarter, compared with 23% last year. The fund said it had earned US$4.8M for the second quarter ending 30 June. This compares with profits of US$2.7M for the same period in 2003. Quarterly revenues from energy sales rose 68% to US$19.2M, compared with US$11.4M last year.Boralex owns 10 generating stations in Quebec, Canada and the US. In total the power stations have an installed capacity of 190MW.