Mr. Bruno Guilmette reports

LIMEKILN WIND FARM: BORALEX ACHIEVES MAJOR MILESTONE, CLOSES ITS FIRST PROJECT FINANCING IN THE UK

Boralex Inc. has arranged the long-term financing of its largest project in Europe, the 106-megawatt Limekiln wind farm, based in the United Kingdom. The site is located near Thurso in Caithness, Scotland.

The financing has been secured from National Westminster Bank PLC (NatWest) and Export Development Canada (EDC), for an aggregate amount of up to 130 million pounds sterling ($222-million). NatWest and EDC will act as co-mandated lead arrangers and co-lenders. NatWest will also act as facility agent, security agent, hedge counterparty and account bank.

Finance director for the United Kingdom, Tjiwolt Wierda, said: "We are delighted to have achieved another vital milestone in the development of Limekiln wind farm, and we are in an excellent position to have the project commissioned by the end of 2024. We believe that Limekiln brings substantial value to Caithness and the wider Highlands and we look forward to bringing it to fruition."

Executive vice-president and chief financial officer, Bruno Guilmette, commented: "We are very pleased to have obtained this high-quality loan for Limekiln wind farm, Boralex's flagship project in the United Kingdom. I would like to congratulate our teams on both sides of the Atlantic for closing this loan on optimal terms, which give us even more financial flexibility. This first project financing for Boralex in the U.K. is an important step in our development in this promising market, which remains key to achieving the growth and diversification objectives of our 2025 strategic plan."

Limekiln wind farm will consist of 24 Vestas V136-4.5 MW wind turbines, measuring 150 metres to the tip of the blade. In the 2023 AR5, the project secured a 15-year contract for difference of 52.29 pounds sterling/megawatt-hour from the U.K. government (the amount is in 2012 prices; it is equivalent to 73.33 pounds sterling/MWh in 2024 prices). The project is expected to be commissioned by the end of 2024.

Elgar Middleton Infrastructure and Energy Finance LLP acted as financial advisers to Boralex.

A host of local benefits

Apart from 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 program, as well as a community benefit fund of over 500,000 pounds sterling 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 U.K. power sources.

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 gigawatts. It is developing a portfolio of over 6.7 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 the company's fearlessness, its discipline, its expertise and its diversity, it 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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