On December 11th 2024, Boralex Inc. ("Boralex" or the "Company") (TSX: BLX) and its partner, Six Nations of the Grand River Development Corporation ("SNGRDC") announced the closing of a $538 million financing for the Hagersville Battery Energy Storage Park, located in Ontario, Canada. The financing, which qualifies as a Green Loan, was obtained from a banking syndicate composed of Crédit Industriel et Commercial, New York Branch and four international commercial banks, all acting as Joint Lead Arrangers (JLA).

With a capacity of 300 MW / 1,200 MWh, the park will be the biggest battery energy storage project to date in Canada once it reaches commissioning.

The Hagersville project financing includes:

  • A $366 million construction loan, which will convert into an amortizing term loan over 20 years following the start of commercial operation, scheduled for the fourth quarter of 2025;
  • A $141 million bridge loan, allowing the financing of investment tax credits (ITC) to which the project is eligible. This short-term facility will reduce the amount of equity capital allocated to the project in the short term and thus optimize Boralex's overall capital structure. This loan will be repaid when the investment tax credits are received;
  • A $31 million letter of credit facility.

Many thanks to Boralex and SNGRDC for placing their confidence in CIC as a banking partner, and to the CIC New York Project Finance transaction team comprised of: Ren Plastina, Emmanuelle Renault, Stefano Di Genua, Elizabeth Schroppe and Ophelie Ganthier.