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Financings Material +

Boralex and Six Nations of the Grand River Development Corporation announce the closing of a $202 million financing

By The Northwire Desk — AI Analysis Apr 02, 2026 · 08:00 BLX · 36.58 BORALEX INC. CL 'A'
BLX · Price

Executive Summary

  • Boralex Inc. and Six Nations of the Grand River Development Corporation closed a $202 million green loan financing for the 125 MW/500 MWh Oxford Battery Energy Storage Project in Ontario.
  • The financing package includes a $166 million construction loan (to convert to a five‑year term loan amortizing over 20 years after commercial operation), a $25 million bridge loan for investment tax credits, and an $11 million letter of credit facility.
  • The project is slated for commercial operation in 2027 and represents Boralex’s third North American battery storage asset and the second joint development with SNGRDC.

Key Details

  • Total financing amount: $202 million (green loan).
  • Lead arrangers / lenders: Canadian Imperial Bank of Commerce (CIBC) – also administrative and collateral agent; National Bank of Canada (NBC) – green loan coordinator.
  • Construction loan: $166 million, to be converted into a five‑year term loan with amortization over 20 years after commercial start‑up (expected 2027).
  • Bridge loan: $25 million, intended to finance eligible investment tax credits; short‑term facility to be repaid upon receipt of the credits.
  • Letter of credit: $11 million facility.
  • Project capacity: 125 MW power / 500 MWh energy storage.
  • Project significance: Boralex’s third battery storage project in North America; SNGRDC’s fifth; second joint venture between the two parties.
  • Commercial operation target: 2027.
  • Advisors: Financial advisor – Selkirk Advisory Group (Borrower); Hedge advisor – Riverside Risk Advisors (Borrower); Legal advisors – Blake, Cassels & Graydon LLP (Borrower), Norton Rose Fulbright Canada LLP (Lenders), Fogler, Rubinoff LLP (SNGRDC).

Notable Quotes

  • “The financing announced today… further strengthens our position as a leader in energy storage in Ontario and across Canada.” – Philippe Bonin, EVP & CFO, Boralex.
  • “Today’s announcement marks an important step toward a greener economy by expanding energy storage capacity in Ontario.” – Matt Jamieson, President & CEO, Six Nations of the Grand River Development Corporation.
Read the original news release →

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