Ontario RPF: Boralex is the Leading Awardee, with Two Storage Projects Totaling 380 MW Selected

Press release

- FOR IMMEDIATE RELEASE-

Ontario RPF: Boralex is the Leading Awardee, with Two Storage Projects Totaling 380 MW Selected

Montreal (Canada), May 17, 2023 - Boralex Inc. ("Boralex or the "Company") (TSX: BLX) today announced that two storage projects, totaling 380 MW of nameplate capacity, were selected by the Ontario Independent Electricity System Operator (IESO) as part of its Expedited Long-Term Request for Proposals. Boralex and its partners, Six Nations of the Grand River and the Walpole Island First Nation, are currently finalizing the terms of the contract with the IESO.

Boralex is pleased to be the leading awardee of this request for proposals, as its two projects represent almost half of the total capacity of 780 MW selected, and one of the two projects - 300 MW Hagersville Battery Storage Park - is the largest in terms of nameplate capacity to have been selected by the IESO. The projects, once online, will be Boralex's first storage facilities in Canada.

Projects Details

Once constructed, the projects will help meet the energy capacity need identified by the IESO and will also benefit the overall Ontario electricity system. Commercial operation of these projects is planned for the end of 2025.

Hagersville Battery Energy Storage Parkis a 300 MW, four-hour duration battery storage project near the Town of Hagersville, Haldimand County, Ontario.

Tilbury Battery Storage Projectis an 80 MW, four-hour duration battery storage project near existing Hydro One infrastructure in the Municipality of Lakeshore, Ontario.

Boralex has partnered with the Six Nations of the Grand River to develop the Hagersville Battery Energy Storage Park and with the Walpole Island First Nation to develop the Tilbury Battery Storage Project.

"Today's announcement is another significant milestone for Boralex as we look to expand our storage portfolio and meet the growth and diversification objectives of our 2025 strategic plan," said Patrick Decostre, President and Chief Executive Officer of Boralex. "These projects will help the province of Ontario meet its own energy capacity targets while enabling greater renewable energy development and providing stability to the province's power system."

"Patrick and I congratulate the team on their efforts to bring clean, sustainable, reliable energy to the residents of Ontario. Our strength is in our people, and their creativity and dedication are leading us down a path of unprecedented growth and success while helping to achieve national and global climate objectives," said

Hugues Girardin, Executive Vice President and General Manager, North America.

"We are pleased to once again partner with Boralex on this exciting new project," said Matt Jamieson, President/CEO of Six Nations of the Grand River Development Corporation. "Boralex has maintained a positive working relationship with our organization and understands the importance of doing business with Indigenous communities. We are excited to further expand our energy portfolio and are pleased to continue to pursue a sustainable future for Six Nations and Ontario as a whole."