Blowing in the Wind with Boralex

Boralex is an energy company from Quebec, Canada, that generates 89 megawatts of power at six wind farms in France. Boralex is now looking to build some wind farms closer to home, in Ontario. It trades as symbol BLX on the TSX (Toronto Stock Exchange).

Check out Boralex on Google Finance

The following quote is from the Globe and Mail:

"Boralex Inc. has acquired rights to develop nine wind farms in Windsor and Essex County in southwestern Ontario. When the projects are complete by 2009, they will generate a total of 90 megawatts of power.

That is enough to power 18,000 homes and will double the company's wind-generating capacity."

The recent news caused a small spike in stock price, as you will see in their chart, if you look.

Boralex also operates six power stations in Maine and New York that run on wood residue, as well as eight small hydroelectric plants in Quebec, France and New York and a natural-gas-fired plant in France for a combined total of 333 megawatts.

Boralex also manages 10 power stations via Boralex Power Income Fund, a trust that was spun off in 2002 and which Boralex holds a 23-per-cent interest.

Unless you think alternative energy is just a fad (like the Internet and computers - no future there), then Boralex is a nice play considering their experience in the field abroad and an early entry into Ontario's green market. I like it. I will be tracking this company for sure.

DISCLOSER: I do not own shares in Boralex or units of Boralex Power Income Fund. As always, do your own research before running out and buying a stock.