Montreal (Quebec), April 2, 2026 – Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) and Six Nations of the Grand River Development Corporation (“SNGRDC”) announce the closing of a $202 million financing for the Oxford Battery Energy Storage Project, located in the Township of South-West Oxford, Oxford County, Ontario, Canada.
With a capacity of 125 MW / 500 MWh, this facility will be Boralex’s third battery energy storage project in North America, SNGRDC’s fifth, and the second developed jointly with SNGRDC and Boralex. The financing, which qualifies as a Green Loan, was obtained from Canadian Imperial Bank of Commerce (“CIBC”) and National Bank of Canada (“NBC”), both acting as Lead Arrangers. CIBC also serves as administrative agent and collateral agent, and NBC serves as green loan coordinator. The Oxford project financing includes:
- A $166 million construction loan, which will convert into a five-year term loan amortizing over 20 years following the start of commercial operation, scheduled for 2027;
- A $25 million bridge loan, allowing the financing of investment tax credits (ITC) to which the project is eligible. This short-term facility will reduce the amount of equity capital allocated to the project in the short term and thus optimize Boralex’s overall capital structure. This loan will be repaid when the investment tax credits are received;
- A $11 million letter of credit facility.
“The financing announced today, a key milestone in the development of the Oxford project, further strengthens our position as a leader in energy storage in Ontario and across Canada. It also reflects the strength of the relationships we have built with our local and financial partners. I would like to commend the remarkable work of the Boralex teams, who have structured nearly $1 billion in high-quality financing in Ontario over the past two years to support our battery energy storage projects. These investments directly continue to increase the resilience and security of Ontario’s electricity grid,” said Philippe Bonin, Executive Vice President and Chief Financial Officer of Boralex.
“Today’s announcement marks an important step toward a greener economy by expanding energy storage capacity in Ontario. Projects like Oxford are strengthening the province’s energy grid, and SNGRDC is proud to be at the forefront of energy innovation,” said Matt Jamieson, President and CEO of Six Nations of the Grand River Development Corporation. “The Oxford project is another testament to the strength of our partnership with Boralex, and we look forward to its commercial operation as we continue to grow our renewable energy portfolio.”
We would like to express our gratitude to the financial advisor Selkirk Advisory Group (Borrower), hedge advisor Riverside Risk Advisors (Borrower), and legal advisors Blake, Cassels & Graydon LLP (Borrower), Norton Rose Fulbright Canada LLP (Lenders) and Fogler, Rubinoff LLP (Six Nations of the Grand River Development Corporation) for their expertise and valuable support throughout this project.
