Limekiln Wind Farm: Boralex achieves major milestone, closes its first project financing in the UK
16 Maggio 2024 - 1:00PM
Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to
announce the long-term financing of its largest project in Europe,
the 106MW Limekiln Wind Farm, based in the United Kingdom. The site
is located near Thurso in Caithness, Scotland.
The financing has been secured from National
Westminster Bank PLC (NatWest) and Export Development Canada (EDC),
for an aggregate amount of up to £130M ($222M CAD). NatWest and EDC
will act as co-mandated lead arrangers and co-lenders. NatWest will
also act as facility agent, security agent, hedge counterparty and
account bank.
Finance Director for the United Kingdom Tjiwolt
Wierda said: “We are delighted to have achieved another vital
milestone in the development of Limekiln Wind Farm, and we are in
an excellent position to have the project commissioned by the end
of 2024. We believe that Limekiln brings substantial value to
Caithness and the wider Highlands and we look forward to bringing
it to fruition.”
Executive Vice President and Chief Financial
Officer Bruno Guilmette commented: “We are very pleased to have
obtained this high-quality loan for Limekiln Wind Farm, Boralex's
flagship project in the United Kingdom. I would like to
congratulate our teams on both sides of the Atlantic for closing
this loan on optimal terms, which give us even more financial
flexibility. This first project financing for Boralex in the UK is
an important step in our development in this promising market,
which remains key to achieving the growth and diversification
objectives of our 2025 Strategic Plan.”
Limekiln Wind Farm will consist of 24 Vestas
V136-4.5MW wind turbines, measuring 150m to the tip of the blade.
In the 2023 AR5, the project secured a 15-year Contract for
Difference of £52.29/MWh from the UK Government (the amount is in
2012 prices; it is equivalent to £73.33/MWh in 2024 prices). The
project is expected to be commissioned by the end of 2024.
Elgar Middleton Infrastructure & Energy
Finance LLP acted as financial advisors to Boralex.
A host of local benefits
Apart from zero-carbon electricity, Limekiln
will also deliver a full package of social, economic and
environmental benefits, including biodiversity enhancements such as
a native species planting scheme and a peat restoration programme,
as well as a Community Benefit Fund of over £500,000 per annum for
the life of the project. In addition, the project offers local
employment opportunities: the site's construction phase could
directly support more than 100 jobs, and its operation, more than
90. Lastly, the wind farm will provide sufficient electricity to
meet the needs of around 100,000 British homes based on the average
generation mix of UK power sources. For more information, please
visit www.limekilnwindfarm.co.uk.
Caution Regarding Forward-Looking
Statements
Some of the statements contained in this press
release, including those regarding future events and milestones in
the project, are forward-looking statements based on current
expectations, within the meaning of securities legislation. Boralex
would like to point out that, by their very nature, forward-looking
statements involve risks and uncertainties such that its results or
the measure it adopts could differ materially from those indicated
by or underlying these statements, or could have an impact on the
degree of realization of a particular forward-looking statement.
Unless otherwise specified by the Company, the forward-looking
statements do not take into account the possible impact on its
activities, transactions, non-recurring items or other exceptional
items announced or occurring after the statements are made. There
can be no assurance as to the materialization of the results,
performance or achievements as expressed or implied by
forward-looking statements. The reader is cautioned not to place
undue reliance on such forward-looking statements. Unless required
to do so under applicable securities legislation, Boralex
management does not assume any obligation to update or revise
forward-looking statements to reflect new information, future
events or other changes.
About Boralex
At Boralex, we have been providing affordable
renewable energy accessible to everyone for over 30 years. As
a leader in the Canadian market and France’s largest independent
producer of onshore wind power, we also have facilities in the
United States and development projects in the United Kingdom. Over
the past five years, our installed capacity has more than doubled
to over 3 GW. We are developing a portfolio of over 6.7
GW in wind, solar projects and storage projects, guided by our
values and our corporate social responsibility (CSR) approach.
Through profitable and sustainable growth, Boralex is actively
participating in the fight against global warming. Thanks to our
fearlessness, our discipline, our expertise and our diversity, we
continue to be an industry leader. Boralex’s shares are listed on
the Toronto Stock Exchange under the ticker symbol BLX.
For more information, visit boralex.com or
sedarplus.com. Follow us on Facebook, Twitter, and LinkedIn.
For more information
MEDIA |
INVESTOR RELATIONS |
Camille Laventure Advisor, Public Affairs and
External Communications Boralex
Inc. 438-883-8580 camille.laventure@boralex.com |
Stéphane Milot Vice President, Investor
Relations Boralex
Inc. 514-213-1045 stephane.milot@boralex.com |
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MEDIA – UK |
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Fiona Milligan Communications and Stakeholder
Management Boralex UK 07825
744712 info@limekilnwindfarm.co.uk |
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Source: Boralex Inc.
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