Boralex inc. (“Boralex” or the “Company”) (TSX: BLX) welcomes Scottish Ministers’ approval of its plans for Clashindarroch Wind Farm Extension near Dufftown in Moray.
The approved project, located west of the operational Clashindarroch Wind Farm, will consist of up to 21 wind turbines and a 50-megawatt battery storage facility, contributing up to 189 MW to Scotland’s renewable energy targets.
Socio-Economic Benefits for Local Communities
The project will deliver a wide range of community and economic benefits, including an up to £693,000-per-year community fund (index-linked over the life of the project, expected to be 40 years), created with the specific needs of the local community in mind. It is the intention that part of this money will be allocated to the following initiatives:
- Direct energy bill support of £1,849 annually and a one-off lump sum of up to £20,000 for home energy efficiency improvements for households within 5km of the turbines;
- A £45,000-per-year Scholarship Fund, offering 15 scholarships in science, technology, engineering and mathematics (STEM) and construction skills for students from Moray.
The remainder of the Community Benefit Fund is to provide funding for local projects and initiatives, to be discussed with the local community. An up to £138,000-per-year Socio-Economic Fund will also be provided, administered by Moray Council, “for supply chain development, business support and community wealth building” (source: Moray Council).
This package reflects Boralex’s belief that renewable energy projects should deliver more than electricity alone - they should empower communities, create opportunities and leave a positive legacy for generations to come.
“We believe this package of benefits will make a tangible and positive difference to the community and we wish to be constructive and long-standing partners on the road to net zero”, said Mr. Wilmar. “Boralex looks forward to working closely with the local community, stakeholders, and government partners to deliver this project and contribute meaningfully to Scotland’s renewable energy future.”
Clashindarroch Wind Farm Extension has been designed carefully following extensive environmental and landscape studies. These have mitigated the environmental effects of what has now been consented as an acceptable and responsible development. The site, covering approximately 882 hectares of upland heather moor, will continue to be managed with sensitivity to its natural surroundings and significant biodiversity enhancement will be created.
Media
Camille Laventure
Investor Relations
Coline Desurmont
Caution Regarding Forward-Looking Statements
Some of the statements contained in this press release are forward-looking statements based on current expectations, within the meaning of securities legislation. Boralex would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results or the measure it adopts could differ materially from those indicated by or underlying these statements, or could have an impact on the degree of realization of a particular forward-looking statement. Unless otherwise specified by the Company, the forward-looking statements do not take into account the possible impact on its activities, transactions, non-recurring items or other exceptional items announced or occurring after the statements are made. There can be no assurance as to the materialization of the results, performance or achievements as expressed or implied by forward-looking statements. The reader is cautioned not to place undue reliance on such forward-looking statements. Unless required to do so under applicable securities legislation, Boralex management does not assume any obligation to update or revise forward-looking statements to reflect new information, future events or other changes.