USD165 million financing secured for 106 MW Onshore wind farm in UK

Boralex Inc. has announced that it has secured long-term financing of its 106 MW 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 GBP130 million (US$165 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.

The Onshore Wind Farm will consist of 24 Vestas V136-4.5 MW wind turbines, measuring 150 m to the tip of the blade. In the 2023 AR5, the project secured a 15-year Contract for Difference of GBP52.29/MWh (US$ 66.39/MWh) from the UK Government. The project is expected to be commissioned by the end of 2024.
Elgar Middleton Infrastructure & Energy Finance LLP acted as financial advisors to Boralex.