Boralex closes its first project financing in the UK – Limekiln Wind Farm

Elgar Middleton is pleased to have advised Boralex Inc. (“Boralex”) (TSX: BLX) on the long-term financing of its largest project in Europe, the 106MW Limekiln Wind Farm.

Elgar Middleton managed the financing process from lender selection through to financial close.

The lenders to the transaction are National Westminster Bank PLC (NatWest) and Export Development Canada (EDC), for an aggregate amount of up to £130M. NatWest will also act as facility agent, security agent, hedge counterparty and account bank.

Limekiln Wind Farm is located near Thurso in Caithness, Scotland and 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. The project is expected to be commissioned by the end of 2024.

In addition to the 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.

Elgar Middleton originally advised Boralex on its acquisition of  Infinergy, the owner of Limekiln and a number of other sites under development in Scotland.  Elgar Middleton looks forward to continuing to advise Boralex as it develops this pipeline of assets.