On January 9, 2025, Boralex Inc. and its partner, Walpole Island First Nation, closed a $172 million financing package for the 80 MW / 320 MWh Tilbury Battery Storage project in Lakeshore, Ontario. The financing was led by a syndicate comprising Canadian Imperial Bank of Commerce (CIBC), Fédération des Caisses Desjardins du Québec, and Royal Bank of Canada, all serving as Mandated Lead Arrangers and Joint Bookrunners. CIBC additionally acted as administrative and collateral agent.

The financing structure includes a $120 million construction loan, which will convert into a five-year term loan with a 20-year amortization after the project’s expected commercial operation date in Q4 2025. Additionally, a $45 million bridge loan was secured to finance investment tax credits (ITC), helping to optimize Boralex's short-term equity commitments. A $7 million letter of credit facility completes the financing package.

Legal advisors for the transaction included Blake, Cassels & Graydon LLP (for the borrower and sponsors), Norton Rose Fulbright Canada LLP (for the lenders), and Mshkawzi Law LLP (for Walpole Island First Nation). Plan A Capital Inc. acted as financial advisor to the project and its sponsors.

This financing further reinforces Boralex’s strategic expansion in Ontario’s energy storage market and highlights its commitment to Indigenous partnerships and sustainable infrastructure.