August 5, 2011 / 2:12 PM / in 7 years

UPDATE 1-Boralex loss widens on shutdown at thermal power plant, shares fall

Aug 5 (Reuters) - Boralex Inc’s second-quarter loss widened as an indefinite shutdown at its Ashland thermal power station and low selling prices in the U.S. hurt its wood-residue unit, sending its shares down 9 percent to their lowest in more than two years.

The Canadian power producer’s net loss widened to C$5.1 million, or 14 Canadian cents per basic share, from C$4.7 million, or 12 Canadian cents per basic share, a year ago.

Revenue from its segment that generates thermal power from wood-residue fell more than 45 percent to C$12.5 million, while revenue from energy sales rose 47 percent to C$54.0 million due to asset acquisitions and expansion in its wind power segment.

Wind power revenue surged 65 percent to C$15.2 million. The company develops and operates power stations that run on renewable energy such as wind, hydroelectric and thermal.

Boralex, which is looking to build its first solar energy park in southern France, completed the C$227 million acquisition of the Boralex Power Income Fund last November.

The company’s shares fell 9 percent to a low of C$7.20 on Friday morning on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Viraj Nair)

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