Boralex, an independent renewable energy producer in North America and Europe, and Six Nations of the Grand River Development Corporation (SNGRDC), a community development corporation, have closed a $202 million financing for the 125 MW/500 MWh Oxford Battery Energy Storage Project, located in the township of South-West Oxford, Oxford County, Ontario, Canada.
Canadian Imperial Bank of Commerce and National Bank of Canada provided the funding, with both acting as lead arrangers.
The project financing comprises a $166 million construction loan, a $25 million bridge loan, and a $11 million letter of credit facility. The construction will convert into a five-year term loan, amortizing over 20 years following the start of commercial operation, scheduled for 2027. The bridge loan will be repaid upon receipt of the investment tax credits.
This project will be Boralex’s third storage project in North America, and the second developed jointly with SNGRDC.
“The financing announced today, a key milestone in the development of the Oxford project, further strengthens our position as a leader in energy storage in Ontario and across Canada. It also reflects the strength of the relationships we have built with our local and financial partners. I would like to commend the remarkable work of the Boralex teams, who have structured nearly $1 billion in high-quality financing in Ontario over the past two years to support our battery energy storage projects. These investments directly continue to increase the resilience and security of Ontario’s electricity grid,” said Philippe Bonin, Executive Vice President and Chief Financial Officer of Boralex.
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, up 71% YoY.
In March 2026, Arevon Energy, a renewable energy developer, owner, and operator, closed a $920 million financing package for its 300 MW/1,200 MWh Nighthawk energy storage project in Poway, California.
