08:02 AM EST, 12/11/2024 (MT Newswires) -- Boralex ( BRLXF ) said Wednesday that the company and its partner, Six Nations of the Grand River Development, closed a $538 million financing for the Hagersville Battery Energy Storage Park in Ontario.

The park will have a capacity of 300 MW/1,200 MWh, making it the biggest battery energy storage project to date in Canada once it reaches commissioning, Boralex ( BRLXF ) said.

The financing package includes a $366 million construction loan, a $141 million bridge loan and a $31 million letter of credit facility.

"The financing announced today is a key milestone in the development of the Hagersville Battery Energy Storage Park," said Bruno Guilmette, executive vice president and CFO of Boralex ( BRLXF ). "I would like to congratulate the Boralex ( BRLXF ) teams for securing this financing with optimal financial conditions, which provides the company with enhanced financial flexibility."

The financing was provided by a banking syndicate comprising Sumitomo Mitsui Banking, Canada Branch; KfW Ipex-Bank; the Korean Development Bank; Credit Industriel et Commercial; and New York Branch et DZ Bank.

Boralex's ( BRLXF ) share price gained 1.2% on Tuesday to $29.59 on the TSX.