Workflow
Tilbury Battery Storage, Ontario: Boralex and Walpole Island First Nation Announce the Closing of a $172 Million Financing
BLXBanco Latinoamericano de ercio Exterior(BLX) GlobeNewswire·2025-01-09 12:00

Core Viewpoint - Boralex Inc. and Walpole Island First Nation have successfully closed a 172millionfinancingforthe80MW/320MWhTilburyBatteryStorageprojectinOntario,markingasignificantmilestoneintheircommitmenttosustainableenergysolutions[1][2].FinancingDetails−ThefinancingwasarrangedbyabankingsyndicateincludingCanadianImperialBankofCommerce(CIBC),FeˊdeˊrationdesCaissesDesjardinsduQueˊbec,andRoyalBankofCanada,whichactedasMandatedLeadArrangersandJointBookRunners[2].−Thefinancingstructureincludesa172 million financing for the 80 MW / 320 MWh Tilbury Battery Storage project in Ontario, marking a significant milestone in their commitment to sustainable energy solutions [1][2]. Financing Details - The financing was arranged by a banking syndicate including Canadian Imperial Bank of Commerce (CIBC), Fédération des Caisses Desjardins du Québec, and Royal Bank of Canada, which acted as Mandated Lead Arrangers and Joint BookRunners [2]. - The financing structure includes a 120 million construction loan that will convert to a five-year term loan with a 20-year amortization period after the start of commercial operations, expected in Q4 2025, a 45millionbridgeloanforinvestmenttaxcredits,anda45 million bridge loan for investment tax credits, and a 7 million letter of credit facility [5]. Strategic Growth - This financing reinforces Boralex's growth strategy in Ontario and solidifies its position as a leader in energy storage in Canada, emphasizing the importance of partnerships with local Indigenous communities [3]. - Boralex has seen its installed capacity more than double to over 3.1 GW over the past five years and is developing a portfolio of over 7.2 GW in wind, solar, and storage projects [7]. Community Engagement - The partnership with Walpole Island First Nation highlights Boralex's commitment to sustainable development and collaboration with local communities, as expressed by both Boralex's CFO and the Chief of Walpole Island First Nation [2][3]. Company Background - Boralex has been a leader in renewable energy for over 30 years, with significant operations in Canada, the United States, and France, focusing on wind power and other renewable energy sources [7].