Beyond Renewable Energy

Headquartered in Quebec, Canada, Boralex has been providing affordable renewable energy accessible to everyone for over 30 years. The power company, listed on the Toronto Stock Exchange, is a leader in the Canadian renewables market and France’s largest independent producer of onshore wind energy. Its installed capacity has more than doubled over the past five years to over 3 Gigawatt (GW) of wind, solar, hydro and storage assets across France (approximately 41%), Canada (around 35%) and the USA (around 24%).

Currently, Boralex is developing a portfolio of close to 6.7 GW in wind, solar and battery storage projects, including development projects in the United Kingdom with a total volume of 1.2 GW. The company’s maiden UK onshore wind farm, the 106MW Limekiln Wind Farm, is located in Caithness in the northern tip of Scotland. The project benefits from a 15-year Contract for Difference (CfD), awarded via UK Government Auction Round 5, covering 100% of Limekiln’s power generation.

NatWest agrees £129.8 million of funding for construction of Limekiln Wind Farm

To discuss financing options for the construction and operation of Limekiln, Boralex approached NatWest, based on the support and thought leadership they had received from NatWest during their entry into the UK market and our market leading position in the Renewables sector. 

In the roles of Mandated Lead Arranger, Facility Agent, Security Agent, Hedge Counterparty (for Interest Rates and FX), and Account Bank, the NatWest team structured a £129.8 million Project Finance package, split across a £117.6 million Term Loan, a £7.2 million Debt Service Reserve Facility (DSRF) and a £5 million VAT Facility.

Export Development Canada (EDC) also acted as Mandated Lead Arranger. EDC and NatWest each took 50% of the Term Loan and the DSRF, while NatWest is the sole lender of the VAT Facility. 

NatWest committed to help the UK’s renewable energy expansion

Bruno Guilmette, Executive Vice President and Chief Financial Officer, Boralex, commented: “We are very pleased to have secured this financing for the construction of our first wind farm and flagship project in the United Kingdom. The Limekiln Wind Farm will pave the way for Boralex’s promising future in the country. We thank the NatWest team for their excellent guidance, with their expertise in renewables financing and knowledge of the British renewables landscape."

Kristofer Gibson, Director, NatWest Infrastructure & Project Finance, said: “We’re delighted to have had the opportunity to support Boralex with its maiden financing and development in the UK market. It follows similar Scottish onshore wind transactions that we have closed in the last 12 months, such as the North Kyle Wind Farm in East Ayrshire and Broken Cross Wind Farm in South Lanarkshire, highlighting our position as a leading financier to UK renewable energy. The debt facility is also another example of NatWest’s commitment to actively help building a greener economy and future by providing £100 billion Climate and Sustainable Funding and Financing to our customers by the end of 2025.”