Canada's Boralex Inc. has successfully closed the long-term financing deal for its largest venture in Europe, the Limekiln wind farm project located in Scotland, the United Kingdom.
The financing, totaling up to £130 million, has been secured through collaboration between National Westminster Bank and Export Development Canada (EDC). NatWest and EDC will jointly serve as co-mandated lead arrangers and co-lenders, with NatWest taking on additional roles including facility agent, security agent, hedge counterparty, and account bank.
The Limekiln Wind Farm project, situated near Thurso in Caithness, is set to feature 24 Vestas V136-4.5MW turbines, towering up to 150 meters to the tip of the blade.
In the 2023 Annual Report, the project locked in a 15-year Contract for Difference valued at £52.29/MWh from the UK Government, adjusted to £73.33/MWh in 2024 prices.
Tjiwolt Wierda, Boralex's finance director for the United Kingdom, expressed enthusiasm, stating: “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.”
Bruno Guilmette, Boralex's executive vice president and chief financial officer, commended the successful financing, highlighting its importance for Boralex's expansion in the UK market: “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 UK 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.”
