By: Saeed Akhtar, Local Journalism Initiative Reporter, Tilbury Times Reporter
A new $172-million battery storage project near Tilbury is expected to help meet Ontario’s growing electricity needs and create more than 120 local jobs.
Boralex Inc. and its partner, Walpole Island First Nation, have announced the successful closing of $172 million in financing for the development of the Tilbury Battery Storage project in Lakeshore. The 80 MW / 320 MWh energy storage facility is expected to be operational by the fourth quarter of 2025.
The financing package, secured through a banking syndicate consisting of the Canadian Imperial Bank of Commerce (CIBC), Fédération des Caisses Desjardins du Québec, and the Royal Bank of Canada, includes a $120 million construction loan that will convert into a five-year term loan with a 20-year amortization period after the project’s commercial launch. Additionally, a $45 million bridge loan will finance investment tax credits (ITC) to which the project is eligible, and a $7 million letter of credit facility has also been included.
“Today’s financing announcement is a milestone for the Tilbury Battery Storage project, reinforcing our commitment to offering sustainable and innovative energy solutions,” said Bruno Guilmette, Executive Vice-President and Chief Financial Officer at Boralex. “I would like to salute the exceptional work of our teams and financial partners. This financing testifies to the company’s financial strength and the lenders’ confidence in a structured, promising project.”
The government launched the largest battery procurement framework in Canadian history early last year, securing nearly 3,000 megawatts of storage capacity to expand Ontario’s clean, reliable, and affordable energy grid. The project was awarded in 2023 as part of the government’s first procurement for new clean energy storage resources and is expected to be completed by late 2025.
Leela Thomas, Chief of Walpole Island First Nation, expressed optimism about the project’s development: “We are pleased to reach this major milestone for the Tilbury Battery Storage project and our community. We look forward to the continued development of this site and thank Boralex for their commitment to being a sustainable partner of the Walpole Island First Nation.”
The Independent Electricity System Operator says Ontario will need at least 60 per cent more energy over the next 25 years. To meet this growing demand, battery storage facilities will store clean power and deploy it as needed, further advancing the province’s clean energy advantage.
Legal and financial partners played a crucial role in facilitating the financing. Plan A Capital Inc. acted as financial advisor, while Blake, Cassels & Graydon LLP, Norton Rose Fulbright Canada LLP, and Mshkawzi Law LLP provided legal counsel for the borrower, lenders, and Walpole Island First Nation, respectively.
The Tilbury Battery Storage project marks another step in Boralex’s expansion in Ontario, following recent financing for the Hagersville storage site. These initiatives further cement the company’s role as a leader in energy storage within Canada.
Boralex highlighted its ongoing strategy of fostering partnerships with local Indigenous communities as a core element of its mission to deliver clean energy solutions.
