Boralex and SNGRDC close $144m Oxford project financing

Boralex and Six Nations of the Grand River Development Corporation (SNGRDC) person closed C$202m ($144m) successful financing for the Oxford Battery Energy Storage Project successful the Township of South-West Oxford, Oxford County successful Ontario, Canada.

The task volition person a capableness of 125MW/500MWh. It volition beryllium Boralex’s 3rd artillery vigor retention task successful North America, SNGRDC’s fifth, and the 2nd task the 2 organisations person developed together.

Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC) arranged the financing, which qualifies arsenic a Green Loan.

CIBC is acting arsenic administrative cause and collateral agent, portion NBC is acting arsenic greenish indebtedness coordinator.

The financing bundle includes a C$166m operation indebtedness that volition person into a five-year word indebtedness amortised implicit 20 years aft commercialized operations begin, which is scheduled for 2027.

It besides includes a C$25m span indebtedness linked to concern taxation credits (ITC) for which the task is eligible, and a C$11m missive of recognition facility. The span indebtedness volition beryllium repaid connected receiving ITC.

The institution said the installation volition trim the magnitude of equity superior allocated to the task successful the abbreviated term.

Boralex and SNGRDC are processing the BESS task done a 50/50 partnership.

The installation volition store energy from the grid during off-peak periods and merchandise it backmost to the Ontario grid during periods of higher demand.

SNGRDC president and CEO Matt Jamieson said: “Projects similar Oxford are strengthening the province’s vigor grid, and SNGRDC is arrogant to beryllium astatine the forefront of vigor innovation.”

The companies besides named Selkirk Advisory Group arsenic fiscal advisor for the borrower, Riverside Risk Advisors arsenic hedge advisor for the borrower, and Blake, Cassels & Graydon arsenic ineligible advisor for the borrower.

Norton Rose Fulbright Canada served arsenic ineligible advisor for the lenders, and Fogler, Rubinoff for SNGRDC.

"Boralex and SNGRDC adjacent $144m Oxford task financing" was primitively created and published by Power Technology, a GlobalData owned brand.

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