en.Wedoany.com Reported - On April 2, Boralex Inc. of Canada and the Six Nations of the Grand River Development Corporation (SNGRDC) officially announced the completion of $202 million in financing for the Oxford Battery Energy Storage Project in Ontario. The project has a capacity of 125MW/500MWh and aims to enhance the resilience and security of Ontario's power grid through expanded energy storage, promoting the local green economic transition.

Headquartered in Canada, Boralex is a leading renewable energy developer in the country. This financing was provided by the Canadian Imperial Bank of Commerce and the National Bank of Canada and fully qualifies as a green loan. The financing package specifically includes a $166 million construction loan, a $25 million investment tax credit bridge loan, and an $11 million letter of credit facility. The availability of these funds marks the project's entry into the substantive execution phase.

Located in the Southwest Oxford region of Ontario, the Oxford project is scheduled to commence commercial operations in 2027. This is Boralex's third battery energy storage project in North America and its second jointly developed energy asset with SNGRDC. By establishing long-term partnerships with Indigenous development corporations, Boralex is accelerating the deployment of its renewable energy investment portfolio within Canada.

Philippe Bonnain, Executive Vice President and Chief Financial Officer of Boralex, noted that securing this financing is a key milestone in the project's development, further solidifying the company's position in Ontario's energy storage sector. Currently, the project is progressing as planned with construction preparations. Once operational, this 125 MW energy storage asset will directly enhance the peak-shaving capability of Ontario's power network, providing hardware support for Canada's long-term energy security.

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