Quebec-based IPP Boralex and Six Nations of the Grand River Development Corporation (SNGRDC) have announced the closing of a CA$202 million (US$145.12 million) financing for a 125MW/500MWh battery energy storage system (BESS) in Oxford County, Ontario, CA.
The Oxford Battery Energy Storage Project, located in the Township of South-West Oxford, will be Boralex’s third BESS in North America and SNGRDC’s fifth. It is the second project developed jointly by the two companies.
The Oxford project financing includes: a US$119.26 million construction loan that will convert into a five-year term loan amortising over 20 years after commercial operation, scheduled for 2027.
As well as a US$17.96 million bridge loan to finance investment tax credits (ITCs) the project qualifies for, reducing initial equity requirements and optimising Boralex’s capital structure, with repayment upon receipt of the credits, and a US$7.9 million letter of credit facility.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The financing, which qualifies as a Green Loan, was obtained from Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada (NBC), both of which acted as lead arrangers. CIBC also serves as the administrative agent and collateral agent, and NBC serves as the green loan coordinator.
In October 2025, Energy-Storage.news Premium reported that the Oxford City Council gave the green light to Boralex to move forward with the Oxford BESS.
The project holds a contract originating from the Independent Electricity System Operator (IESO) Long-Term 1 (LT1) request for proposals (RFP).
In May 2024, IESO made Canada’s largest energy storage procurement, selecting nearly 1.8GW of projects via the LT1 RFP as a successor to E-LT1. This initiative aims to support Ontario in managing the electricity demand growth through the end of the decade, with the province expecting a 60% rise in demand over the next 25 years.
Earlier this year, Boralex and SNGRDC commissioned what they claimed as “Canada’s largest operating BESS”, the 300MW/1,200MWh Hagersville Battery Energy Storage Park in Haldimand County, Ontario.
Throughout this project, Boralex and SNGRDC concentrated on involving local Six Nations workers. They collaborated with construction partner Borea and brought in A6N General Partnerships, mainly owned by SNGRDC and including the construction firm Aecon, to undertake the civil work on site.
Boralex is currently the subject of an acquisition by the Toronto-headquartered global investment asset manager Brookfield, which is seeking to buy a 70% stake in the IPP, our colleagues at PV Tech reported last month.
The Battery Asset Management Summit Canada will be held 23-24 June, in Toronto, Ontario. It features keynote speeches and panel discussions on topics like AI, fire safety, and alternative battery chemstries. ESN Premium subscribers can get an exclusive discount on ticket prices. For complete information, visit the Battery Asset Management Summit Canada website.
