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Boralex Inc
Symbol BLX
Shares Issued 102,766,104
Close 2024-05-09 C$ 29.72
Market Cap C$ 3,054,208,611
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Boralex's Oxford project chosen by Ontario's IESO

2024-05-10 09:15 ET - News Release

Mr. Patrick Decostre reports

125 MW AWARDED IN ONTARIO LT1 RFP: BORALEX CONSOLIDATES ITS POSITION AS A LEADING BATTERY STORAGE DEVELOPER IN CANADA

Boralex Inc.'s Oxford battery energy storage project, totalling 125 megawatts of nameplate capacity, has been selected by Ontario's Independent Electricity Systems Operator (IESO) further to its long-term request for proposals (LT1 RFP). This project adds to Boralex's existing battery energy storage project portfolio which includes the 300 MW Hagersville and the 80 MW Tilbury projects, which were selected by the IESO in last year's solicitation.

"With the selection of Oxford, Boralex consolidates its position as a leading developer in the battery storage technology in Ontario and across Canada," said Hugues Girardin, executive vice-president and general manager, North America. "I'm very proud of our team, who worked hand in hand with our long-standing partners to submit this high-quality project."

"This is major news for Boralex, its shareholders and all its stakeholders. The Oxford project will create long-term value while contributing to the resilience of Ontario's power grid. With this announcement, which confirms Boralex's role as a key player in renewable energy in Canada, we are making further progress toward our strategic objective of diversifying our asset portfolio by 2025 to integrate a significant portion of storage," said Patrick Decostre, president and chief executive officer.

Project details

The Oxford battery energy storage project is a 125 MW, four-hour duration battery storage project located in the township of South-West Oxford, Ont.

Ontario is experiencing new emerging energy needs and this project will help keep Ontario's grid clean, reliable and stable. Commercial operation for this project is targeted for 2027/2028.

Partnering with local indigenous communities remains a key priority to Boralex. As such, Boralex has entered into a 50-per-cent partnership with Six Nations of the Grand River Development Corp. (SNGRDC) on the Oxford battery energy storage project.

"SNGRDC is excited about this addition to our growing energy portfolio, and we are pleased to be partnering with Boralex once again," said Matt Jamieson, president and CEO of Six Nations of the Grand River Development. "It is promising to see industry leaders recognize the value and importance of indigenous involvement in creative innovative energy solutions. We remain committed to creating a sustainable, equitable future for our own community and for generations to come."

In advance of submitting this proposal, Boralex participated in a number of community engagement opportunities, including attending local council meetings, an open house, and discussions with local municipalities and residents. Boralex will continue to engage with stakeholders as the project develops, including additional open houses during the permitting process and preconstruction.

About Boralex Inc.

Boralex has been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, it also has facilities in the United States and development projects in the United Kingdom. Over the past five years, the company's installed capacity has more than doubled to over three GW. Boralex is developing a portfolio of close to 6.8 GW in wind, solar projects and storage projects, guided by its values and its corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to its 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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