Boralex Secures $202 Million Financing for Ontario Battery Storage Project
Event summary
- Boralex and Six Nations of the Grand River Development Corporation closed a $202 million financing for the 125 MW / 500 MWh Oxford Battery Energy Storage Project in Ontario.
- The financing includes a $166 million construction loan, a $25 million bridge loan for investment tax credits, and an $11 million letter of credit facility.
- The project is Boralex’s third battery energy storage project in North America and the second developed jointly with SNGRDC.
- Commercial operation is scheduled for 2027, with the construction loan converting into a five-year term loan amortizing over 20 years post-commissioning.
The big picture
The financing underscores Boralex’s growing leadership in Canada’s energy storage sector, with over $900 million in financing secured for Ontario projects in the past two years. The deal also highlights the increasing collaboration between renewable energy developers and Indigenous partners, reflecting broader trends in sustainable energy development and community involvement. The Oxford project’s scale and strategic location position it as a key contributor to Ontario’s grid resilience.
What we're watching
- Execution Risk
- Whether Boralex can maintain its pace of securing high-quality financing for its battery storage projects in Ontario.
- Regulatory Dynamics
- How Ontario’s energy policies will support the integration of large-scale battery storage projects into the grid.
- Strategic Partnerships
- The extent to which Boralex and SNGRDC can leverage their joint projects to expand their renewable energy portfolios.
Related topics