Edinburgh, United Kingdom, July 17, 2024, 9:30 BST, Boralex Inc./ Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) is pleased to announce the securement of a power purchase agreement (PPA) for its flagship 106MW Limekiln Wind Farm near Thurso in Caithness, Scotland. Having successfully achieved a government-backed Contract for Difference (CfD) in Allocation Round 5 in September last year, Boralex has gone on to agree a PPA with Statkraft, one of the leading PPA providers in the UK, for a 3-year contract covering the period between commissioning of the wind farm, expected by the end of 2024, and the start of the CfD in April 2028.
The main site is located on the Limekiln Estate, just south of Reay, Caithness in the Highlands of Scotland. The site is approximately 11km² and the land is currently used as a commercial woodland plantation. The Limekiln Wind Farm Extension site extends over approximately 519 hectares and is situated adjacent to the main site on the Achaveilan North and Broubster Estates, also managed primarily as commercial forestry plantations. Two Lochs, Thormaid and Saorach, are adjacent to the Proposed Development boundary in the southeast. The proposals have both now been consented under Section 36 of the Electricity Act to Scottish Ministers and consists of 24 Vestas V136-4.5MW wind turbines measuring 150m to the tip of the blade and varying heights of turbines to take into consideration the topography and proximity to Reay.
Youcef Khelif, Energy Markets Director of Boralex said: “We are delighted to have achieved this PPA for Limekiln, adding more certainty to the project through the provision of a secure revenue stream during the first years of operation, before the CfD comes into force. Statkraft have been great partners and we have appreciated our positive collaboration throughout the process. Limekiln is going from strength to strength and we eagerly anticipate its coming on stream later in the year.”
Michelle Lam, Statkraft’s PPA Business Development Manager, said: “With our extensive market experience, Statkraft are well-placed to provide innovative solutions to maximise the gains from our customers’ renewable assets. I’m pleased we’ve been able to work with Boralex to agree a route-to-market for the power generated at Limekiln Wind Farm, and I hope we can build on this relationship in the future.”
The news follows Boralex’s announcement last month of financial close for the project, comprising a 19-year term loan from National Westminster Bank PLC (NatWest) and Export Development Canada (EDC). Construction is progressing as planned with turbine components being transported to the wind farm site over the summer.
About Boralex
Boralex has been providing 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, the company has facilities in the United States and development projects in the United Kingdom. Over the past five years, the installed capacity has more than doubled to over 3 GW. Boralex is developing a portfolio of close to 6,8 GW in wind, solar projects and storage projects, guided by its values and corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to its fearlessness, discipline, expertise and diversity, Boralex continues to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.
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