Mr. Florence Leroy reports

BORALEX ANNOUNCES EUROS1.45 BILLION SINGLE PLATFORM-LEVEL FINANCING IN FRANCE TO SUPPORT ITS PORTFOLIO OF OPERATING ASSETS AND DEVELOPMENT PROJECTS

Boralex Inc. and Energy Infrastructure Partners (EIP), co-shareholders of Boralex's activities in France, with a 70-per-cent and 30-per-cent share, respectively, have closed a 1.45-billion-euro ($2.34-billion) financing.

With this transaction, Boralex moves from a multiborrower debt structure to a single-platform financing covering its entire French operations and providing enhanced flexibility to support the company's strategy in France centered around growth, efficiency and long-term differentiation. One of the largest debt packages for a renewable energy platform in Europe this year, this transaction strengthens Boralex's capacity to efficiently deploy capital and scale its platform in France.

Financing highlights

The financing, totalling 1,453,000 euros ($2,339,000), includes:

• A 811-million-euro ($1.31-billion) term loan for existing assets;
• A 450-million-euro ($725-million) capex (capital expenditure) line facility with a 22-year tenor to finance growth projects;
• A 100-million-euro ($161-million) revolving credit facility with a seven-year tenor;
• A debt service reserve facility (DSRF) and a VAT (value-added tax facility totalling 92 million euros ($148-million).

This innovative financing is backed by a diversified pool of 10 banks, mainly long-standing partners of Boralex and EIP that pledged continued support. Several new banking partners also subscribed.

"This structure provides us with greater commercial flexibility, allowing us to tailor contracting strategies and optimize project execution while remaining highly responsive to market opportunities in France. I would like to recognize the exceptional commitment of our teams and our financing partners, whose efforts made this transaction possible," said Boralex Europe executive vice-president and general manager Jean-Christophe Dall'Ava.

"This financing establishes a flexible platform with centralized liquidity, strengthening our ability to execute projects efficiently, reduce execution risk and support scalable growth," said Boralex executive vice-president and chief financial officer Philippe Bonin.

"Since investing in 2022, we have been convinced of the enormous potential of Boralex's French platform and consistently implemented our growth plans. This financing represents a major next step on this path, underscoring the quality of assets we have today and the enormous growth potential that lies ahead," said Energy Infrastructure Partners managing director Eduardo Sauer.

Rothschild & Co acted as financial adviser to Boralex. A&O Shearman acted as legal counsel to Boralex.

About Boralex Inc.

At Boralex, the company has been providing affordable renewable energy accessible to everyone for over 35 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, the company also has facilities in the United States and in the United Kingdom. Over the past five years, the company's installed capacity has increased by more than 50 per cent, reaching 3,783 MW (megawatts) as at March 31, 2026. The company is developing a portfolio of projects in development and construction of 8.3 GW (gigawatts) in wind, solar and BESS projects, guided by the company's values and its corporate social responsibility (CSR) approach. Boralex is actively participating in the fight against global warming. Thanks to the company's fearlessness, its discipline, its expertise and its diversity, the company continues to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

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