Boralex has entered into a definitive agreement to be acquired by Brookfield alongside La Caisse in a transaction valued at approximately C$9 billion (C$9.7 billion on a combined basis), positioning the company for its next phase of growth as a private entity.
Under the terms of the agreement, Boralex shareholders will receive C$37.25 in cash per share, representing a 31.8% premium to the March 20, 2026, closing price and a 36.4% premium to the 30-day volume-weighted average price. The deal provides immediate liquidity and certainty of value to shareholders while enabling the company to execute its long-term strategic plans with greater flexibility.
The acquisition follows a comprehensive strategic review process conducted by a special committee of independent directors aimed at maximizing shareholder value and securing long-term capital partners. Post-transaction, La Caisse will increase its ownership stake from approximately 15% to 30%, while Brookfield will hold the remaining 70%.
Boralex will continue to operate independently after the transaction closes, maintaining its headquarters in Québec and continuing its role as a major employer and contributor to the regional economy. The company will leverage the financial strength and operational expertise of its new owners to accelerate development across its renewable energy portfolio.
The transaction is expected to close by the fourth quarter of 2026, subject to shareholder approval and customary regulatory conditions.
Strategically, the acquisition is designed to support Boralex’s 2030 growth plan by enhancing its ability to scale project development, optimize capital allocation, and expand capabilities across wind, solar, hydro, and energy storage. With approximately 3,800 megawatts of operating assets and a substantial development pipeline, the company is positioned to benefit from rising demand driven by electrification, reindustrialization, and digitalization.
Brookfield and La Caisse plan to leverage their global platforms, procurement capabilities, and long-term capital to accelerate Boralex’s expansion in key markets including Canada, the United States, France, and the United Kingdom. The partnership is also expected to drive operational efficiencies, enable capital recycling into higher-return opportunities, and strengthen commercialization efforts with large corporate energy buyers.
The Board of Directors of Boralex has unanimously approved the transaction and recommends that shareholders vote in favor.
KEY QUOTES:
“Following a rigorous and highly competitive process, the Boralex teams were able to secure aligned strategic partners, ensuring the Corporation can fully seize the opportunities ahead and create lasting value for all stakeholders. My sincere thanks to Brookfield, La Caisse, my fellow board members, Boralex management and employees, and the financial and legal advisors whose hard work over the past months made this milestone possible.”
André Courville, Chairman of the Board of Directors of Boralex
“This transaction brings in the right long-term partners for Boralex as we enter an accelerated growth phase requiring significant capital deployment and financial flexibility. On top of its financial capacity, Brookfield alongside La Caisse, brings complementary expertise to Boralex’s skill set and will enable us to benefit from significant economies of scale and opportunities, particularly in procurement, energy commercialization to large corporations and sharing of best practices within their different platforms. With their support, we are better positioned than ever to respond to fast growing demand in our markets while maintaining our strong relationships with our partners and the communities in which we operate.”
Patrick Decostre, President and Chief Executive Officer of Boralex
“We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline in its next phase of growth. Combining Brookfield’s customer and supply chain partnerships, long-term capital, and deep operational know-how in renewables, with the strong foundation built by Boralex will help grow our presence in Canada and other attractive energy markets. We look forward to working with Boralex’s leadership team and building on Boralex’s strong relationships with its local communities, partners and stakeholders in support of its continued growth.”
Jehangir Vevaina, Global Chief Investment Officer, Energy at Brookfield
“We have supported Boralex since 2017 as a shareholder and lender. This transaction reflects our strong confidence in this renewable energy leader that is deeply rooted in Québec and well positioned to pursue growth across North America and internationally. We look forward to partnering with Brookfield on Boralex’s next chapter, an opportunity that aligns with our commitment to the energy transition and our determination to help build Québec-based champions that create lasting value at home and abroad.”
Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse
