Boralex and Six Nations of the Grand River Development Corporation (‘SNGRDC’) have closed $202m financing for the 125MW/500MWh Oxford battery energy storage project in Ontario, Canada.
The companies said the financing was provided by Canadian Imperial Bank of Commerce and National Bank of Canada and qualifies as a Green Loan.
Boralex added the package includes a $166m construction loan, a $25m bridge loan for investment tax credits and an $11m letter of credit facility.
The Oxford project is located in South-West Oxford and is scheduled to begin commercial operation in 2027.
It will be Boralex’s third battery storage project in North America and the second developed jointly with SNGRDC.
“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,” said Philippe Bonin, executive vice president and chief financial officer of Boralex.
“These investments directly continue to increase the resilience and security of Ontario’s electricity grid.”
“Today’s announcement marks an important step toward a greener economy by expanding energy storage capacity in Ontario,” said Matt Jamieson, president and chief executive 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.”