Boralex Inc. has entered into a definitive agreement to be acquired by Brookfield and the Caisse de dépôt et placement du Québec (La Caisse) for $37.25 per share in cash. The transaction implies a total enterprise value of approximately $9.0 billion and represents a 36.4% premium over the 30-day volume-weighted average price ending 20 March 2026.
Under the terms of the deal, Brookfield will acquire a 70% stake, while La Caisse—Boralex’s largest existing shareholder—will increase its ownership from 15% to 30%. The acquisition follows a strategic review by a special committee of independent directors aimed at maximising shareholder value and securing capital for Boralex’s 9.3 GW pipeline of wind, solar, hydro, and storage projects.
Boralex will continue to operate independently following the close of the transaction, which is expected in the fourth quarter of 2026. The move shifts the renewable energy leader from public to private ownership, providing the financial flexibility required for its next phase of growth across Canada, the United States, France, and the United Kingdom.
“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. With their support, we are better positioned than ever to respond to fast-growing demand,” said Patrick Decostre, President and CEO of Boralex.
Jehangir Vevaina, Global CIO, Energy at Brookfield said, “We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline. Combining Brookfield’s supply chain partnerships and operational know-how with the foundation built by Boralex will help grow our presence in attractive energy markets.”
“This transaction reflects our strong confidence in this renewable energy leader that is deeply rooted in Québec. We look forward to partnering with Brookfield on Boralex’s next chapter—an opportunity that aligns with our commitment to the energy transition,” stated Kim Thomassin, Executive Vice-President at La Caisse.
