Mr. Philippe Bonin reports

BORALEX AND SIX NATIONS OF THE GRAND RIVER DEVELOPMENT CORPORATION ANNOUNCE THE CLOSING OF A $202 MILLION FINANCING

Boralex Inc. and Six Nations of the Grand River Development Corp. (SNGRDC) have closed a $202-million financing for the Oxford battery energy storage project, located in the township of South-West Oxford, Oxford county, Ontario.

With a capacity of 125 megawatts/500 megawatt hours, this facility will be Boralex's third battery energy storage project in North America, SNGRDC's fifth and the second developed jointly with SNGRDC and Boralex. The financing, which qualifies as a "green loan," was obtained from Canadian Imperial Bank of Commerce and National Bank of Canada (NBC), both acting as lead arrangers. CIBC also serves as administrative agent and collateral agent and NBC serves as green loan co-ordinator.

The Oxford project financing includes:

• A $166-million construction loan, which will convert into a five-year term loan amortizing over 20 years following the start of commercial operation, scheduled for 2027;

• A $25-million bridge loan, allowing the financing of investment tax credits (ITC) to which the project is eligible. This short-term facility will reduce the amount of equity capital allocated to the project in the short term and thus optimize Boralex's overall capital structure. This loan will be repaid when the investment tax credits are received;

• A $11-million letter of credit facility.

"The financing announced today, a key milestone in the development of the Oxford project, further strengthens our position as a leader in energy storage in Ontario and across Canada. It also reflects the strength of the relationships we have built with our local and financial partners. I would like to commend the remarkable work of the Boralex teams, who have structured nearly $1-billion in high-quality financing in Ontario over the past two years to support our battery energy storage projects. These investments directly continue to increase the resilience and security of Ontario's electricity grid," said Philippe Bonin, executive vice-president and chief financial officer of Boralex.

"Today's announcement marks an important step toward a greener economy by expanding energy storage capacity in Ontario. Projects like Oxford are strengthening the province's energy grid and SNGRDC is proud to be at the forefront of energy innovation," said Matt Jamieson, president and chief executive officer of Six Nations of the Grand River Development Corp. "The Oxford project is another testament to the strength of our partnership with Boralex and we look forward to its commercial operation as we continue to grow our renewable energy portfolio."

Boralex and SNGRDC would like to express their gratitude to the financial adviser Selkirk Advisory Group (borrower), hedge adviser Riverside Risk Advisors (borrower) and legal advisors Blake, Cassels & Graydon LLP (borrower), Norton Rose Fulbright Canada LLP (lenders) and Fogler, Rubinoff LLP (Six Nations of the Grand River Development Corp.) for their expertise and valuable support throughout this project.

About Boralex Inc.

Boralex has been providing affordable renewable energy accessible to everyone for over 35 years. As a leader in the Canadian market and France's largest independent producer of onshore wind power, it also has facilities in the United States and in the United Kingdom. Over the past five years, its installed capacity has increased by more than 50 per cent, reaching 3,783 megawatts as at Dec. 31, 2025. It is developing a portfolio of projects in development and construction of 8.2 gigawatts in wind, solar and BESS projects, guided by its values and its corporate social responsibility approach.

About Six Nations of the Grand River Development Corp.

SNGRDC manages the Six Nations' economic interests in 28 energy projects and numerous economic development opportunities in and around the Six Nations territory. SNGRDC's current energy portfolio boasts 2.5 gigawatts of capacity through its direct or indirect involvement in five battery storage, seven solar and 14 wind projects. SNGRDC is located on the Six Nations Reserve and employs an average of 100 employees.