Transactions
Selkirk advises Boralex on project financing for 125 MW/500 MWh battery energy storage project In Ontario
Selkirk Advisory Group Inc. (“Selkirk”) is pleased to announce closing of a $202 million non-recourse project financing for the 125 MW/500 MWh Oxford Battery Energy Storage Project located in South-West Oxford, Ontario (the “Project”). The Project is owned 50% by Boralex Inc. and 50% by Six Nations of the Grand River Development Corporation. Selkirk acted as exclusive financial advisor to the Project company – Oxford Battery Energy Storage Project Inc. – for purposes of the transaction.
The financing, which was completed with two Canadian banks, is comprised of the following credit facilities: (1) $166 million construction-to-term loan, (2) $25 million Clean Technology investment tax credit bridge loan, and (3) $11 million performance and reserve letters of credit.
“We appreciated working closely with Selkirk throughout this financing process,” said Éric Cantin, Vice President, Corporate Finance at Boralex. “Their expertise, collaborative approach, and deep understanding of project finance were instrumental in successfully closing this transaction. We value the strong partnership built through this process and look forward to continuing our work together.”
“The Selkirk team is delighted to have acted as financial advisor to the project for this financing” said Dan Doubilet, Managing Partner of Selkirk. “We are always grateful for the opportunity to support Boralex and its partners, and we appreciate the collaboration and hard work of the lenders, lawyers and consultants in bringing this transaction to a successful close. Completion of this financing is another demonstration of Boralex’s leadership in development of energy storage projects in Ontario and in renewable energy broadly.”
