Canada's Boralex Secures $1.65 Billion Financing to Support French Renewable Energy

en.Wedoany.com Reported - Canadian independent power producer Boralex and its Swiss investment partner Energy Infrastructure Partners (EIP) have secured €1.45 billion ($1.65 billion) in financing to support Boralex's renewable energy operations in France. This refinancing aims to provide the company with greater financial flexibility to execute its growth strategy in the country, while streamlining capital deployment for operational assets and development project pipelines. EIP holds a 30% stake in Boralex's French operations.

Boralex stated that this transaction is "one of the largest debt financings completed this year for a renewable energy platform in Europe." The financing package specifically includes: an €811 million ($924 million) term loan for existing operational assets; a €450 million ($512 million) capital expenditure loan with a 22-year term for new project financing; a €100 million ($113 million) seven-year revolving credit facility; and a total of €92 million ($104 million) in debt service reserves and VAT financing facilities.

Philippe Bonin, Executive Vice President and Chief Financial Officer of Boralex, said that this financing establishes a flexible platform with centralized liquidity, enhancing the company's ability to efficiently execute projects, reduce execution risks, and support scaled growth. The financing is supported by a syndicate of 10 banks, including several long-term financial partners and new lenders joining the platform. Boralex noted that transitioning to a single financing platform will improve operational efficiency and strengthen its capacity to expand its renewable energy portfolio in France.

Rothschild & Co served as financial advisor to Boralex for this transaction, with A&O Shearman acting as legal counsel. France is Boralex's largest international market, and the company is also the largest independent onshore wind power producer in France. As of March 31, 2026, Boralex's global operational installed capacity in Canada, France, the United States, and the United Kingdom stood at 3,783 megawatts, with installed capacity growing by more than 50% over the past five years.

The independent power producer's development and construction project pipeline currently totals 8.3 gigawatts, encompassing solar photovoltaic, wind power, and battery energy storage system projects. Additionally, last month, Boralex shareholders approved the acquisition of the Canadian independent power producer by Brookfield Asset Management. Under the agreement, Brookfield will acquire Boralex through BIF Thunder Holdings (a joint venture 70% owned by Brookfield and 30% by investment group La Caisse), with all issued Class A common shares to be purchased at a cash price of C$37.25 ($26.83) per share.