Boralex Inc. Secures $250 Million for Renewable Energy Expansion and Growth
- Boralex Inc. secures $250 million in unsecured subordinated loans to advance its renewable energy development goals.
- The financing includes $200 million from La Caisse and $50 million from Fondaction, enhancing Boralex's project financing capabilities.
- Boralex aims to grow its installed capacity, currently at 3.2 GW, with over 8 GW in renewable projects under development.
Boralex Secures $250 Million in Strategic Financing to Propel Renewable Energy Growth
Boralex Inc. announces the successful closure of a $250 million unsecured subordinated loan, marking a significant milestone in its commitment to renewable energy development. The financing comprises a $200 million investment from La Caisse and a $50 million contribution from Fondaction, both of which underscore their confidence in Boralex's strategic direction. This eight-year loan is structured as non-amortizing, with full repayment set for June 27, 2033, contingent upon Boralex's adherence to agreed financial obligations. The arrangement allows the company to maintain financial rigor while focusing on its ambitious growth objectives, which are crucial to advancing its 2030 Strategy.
With this new financing, Boralex aims to enhance its project financing capabilities, which are essential for its ongoing expansion in the renewable energy sector. Over the past five years, Boralex has increased its installed capacity by more than 50%, reaching 3.2 gigawatts (GW). Currently, the company is developing more than 8 GW in wind, solar, and storage projects, positioning itself as a leader in Canada’s transition to sustainable energy sources. The financial commitment from La Caisse reflects its long-term climate strategy, which aims to allocate $400 billion towards climate action investments by 2030. Fondaction's participation further emphasizes the importance of fostering clean energy infrastructure with measurable environmental benefits.
Boralex’s recognition as Canada’s Best Corporate Citizen by Corporate Knights highlights its dedication to corporate responsibility and sustainability. The recent financing bolsters its operational capabilities and enables it to participate actively in combating climate change, a mission increasingly vital in today's environmental landscape. Investors' confidence, as demonstrated by the backing from La Caisse and Fondaction, signals a positive outlook for Boralex's future, especially as the global demand for renewable energy continues to rise.
In addition to the strategic financing, Desjardins Capital Markets serves as a financial advisor to Boralex, facilitating the transaction and supporting the company’s broader growth strategy. The involvement of prominent investors with substantial assets further reinforces Boralex's position and commitment to expanding its footprint in the renewable energy sector. This development marks a pivotal moment for Boralex as it continues to lead in sustainable energy solutions while making significant contributions to environmental stewardship.
