Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is thrilled to announce the successful acquisition of a power purchase agreement (PPA) for its prominent 106MW Limekiln Wind Farm located near Thurso in Caithness, Scotland.
After achieving a government-supported Contract for Difference (CfD) in Allocation Round 5 in September last year, Boralex has now agreed to a PPA with Statkraft, a leading PPA provider in the UK, for a 3-year term covering the period between the wind farm’s commissioning, expected by the end of 2024, and the initiation of the CfD in April 2028.
Enhanced Project Certainty
Youcef Khelif, Energy Markets Director of Boralex, expressed: “We are delighted to have secured this PPA for Limekiln, which adds more certainty to the project by providing a stable revenue stream during the initial years of operation, prior to the CfD’s commencement.
Statkraft has been an excellent partner, and we have valued our positive collaboration throughout this process. Limekiln continues to grow stronger, and we eagerly anticipate its activation later this year.”
Statkraft’s Role
Michelle Lam, Statkraft’s PPA Business Development Manager, remarked: “With our extensive market experience, Statkraft is well-positioned to deliver innovative solutions that maximize the gains from our customers’ renewable assets. I am pleased that we have been able to collaborate with Boralex to establish a route-to-market for the power generated at Limekiln Wind Farm, and I look forward to building on this relationship in the future.”
Financial Milestone and Progress
This announcement follows Boralex’s recent declaration of financial close for the project, which includes a 19-year term loan from National Westminster Bank PLC (NatWest) and Export Development Canada (EDC). Construction is advancing as planned, with turbine components being transported to the wind farm site over the summer. For more details, please visit www.limekilnwindfarm.co.uk.
About Boralex
At Boralex, we have been making 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, we also operate facilities in the United States and have development projects in the United Kingdom. In the past five years, our installed capacity has more than doubled to over 3 GW.
We are developing a portfolio of nearly 6.8 GW in wind, solar, and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex actively participates in the fight against global warming. Thanks to our fearlessness, discipline, expertise, and diversity, we continue to lead the industry. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.