La Caisse Joins Brookfield to Take Boralex Private
Two Canadian institutional giants are buying renewable power producer Boralex Inc. in a deal that they say will provide the scale and resources needed to accelerate growth.
Brookfield Asset Management Ltd. and La Caisse have agreed to buy the Quebec-based company for $9 billion including debt, or about $3.8 billion in equity value.
The deal comes after renewable power producers have seen valuations drop from the highs of a few years ago as permitting and other headwinds have dimmed their outlook.
But the trend has started to reverse over the past year, in part as investors looking at the electricity demands of artificial intelligence have helped boost valuations of all sources of power.
Boralex CEO Patrick Decostre said in a news release Wednesday that being part of Brookfield will bring helpful economies of scale as it aims to meet growing demand.
“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.”
Jehangir Vevaina, Brookfield’s chief investment officer for energy, said in the release that the deal will help build the asset manager’s presence in Canada and other attractive energy markets.
“We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline in its next phase of growth.”
La Caisse, Boralex’s largest shareholder with about a 15 per cent stake, has agreed to invest in the resulting private company, leading to a pro forma ownership of 30 per cent.
Brookfield, together with its institutional partners including Brookfield Renewable Partners, will hold the other 70 per cent.
It says the deal will add about four gigawatts of projects to Brookfield’s existing 46 gigawatts of global renewable energy, plus a further eight gigawatts in various stages of development across Canada, France, the U.S. and U.K.
Brookfield said the fundamentals remain strong for clean energy, which is why it’s adding more development capabilities in major strategic markets.
Under the agreement, the buyers will pay $37.25 per share in cash for the company.
Shares in the company, which confirmed Monday it has been reviewing strategic alternatives, were up a little over 11 per cent at $36.68 in late-morning trading Wednesday on the Toronto Stock Exchange, and were up around 28 per cent this week.
Amy Legate-Wolfe of Canada's National Observer also reports Brookfield’s Boralex deal changes the clean-energy story:
In one stroke, Brookfield (BAM) turned Boralex (BLX) from a TSX renewable stock into a multi-billion dollar statement about where energy money is heading next.
The Quebec renewable power producer agreed to be acquired by Toronto-based Brookfield Asset Management and pension giant La Caisse in an all-cash deal worth $37.25 a share, or about $3.8 billion in equity value and roughly $9 billion including debt, the companies said in a statement.
If the deal closes later this year, Boralex will leave the Toronto Stock Exchange (TSX) and continue as a standalone private company backed by two of Canada’s deepest-pocketed investors. That looks likely as the Boralex board unanimously supported the transaction after a special committee reviewed strategic alternatives.
Boralex shareholders are being offered a healthy premium at 36.4 per cent above the stock’s 30-day volume-weighted average price before media reports surfaced that a review was under way. The stock surged by 27 per cent to the $37.25 offer price after news of the deal hit markets.
Just the start?
The bigger story sits beneath the premium. Boralex is an operator with real wind, solar and storage assets, long-term contracts and a large project pipeline.
At the end of 2025, the company had 3,783 megawatts (MW) of installed capacity, up more than 50 per cent in five years, as well as a development and construction portfolio of about 8.2 gigawatts (GW).
Boralex also reported 2025 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $552 million, saying it closed more than $1 billion in financing during the year. So Brookfield is buying an entire platform.
All this is happening as renewable energy has had a rough ride in public markets. Higher interest rates hurt valuations across the sector. Financing costs, project timelines and permitting delays all add up.
In that setting, even solid companies can look sleepy on a public exchange. Yet private capital has more patience. It can think in decades, not quarters — and absorb the messier middle years when projects are being financed, built and connected to the grid.
A solid deal
There is also a strong “why now” behind the timing.
Last June, Boralex rolled out its 2030 strategy, promising fully organic growth and a plan to double installed capacity every five years. All while pushing deeper into wind, solar and storage in Canada, the United States, the United Kingdom and France.
Boralex tied that strategy to electrification, digitalization and reindustrialization, three trends reshaping power demand in ways that start to look structural rather than cyclical.
This is where Brookfield’s move starts to look less like a bet on one company and more like a bet on the next phase of the energy system.
Electricity demand is rising, with Ontario alone seeing a 65 per cent increase in demand through 2050, according to the IESO which manages the provincial power grid. This comes as provinces court industrial investment, data infrastructure expands and governments keep trying to square affordability with lower emissions.
The takeaway
The optimistic view is straightforward. Capital is still available for serious clean-energy businesses, and not just on the margins.
The more uneasy reading is that the market still struggles to reward the kind of slow, expensive, essential work that actually builds an energy transition.
Wind farms, storage facilities and long-term power contracts do not always produce thrilling headlines. They do, however, produce the thing modern economies increasingly need: electricity.
That is what makes Brookfield’s bid for Boralex such a big deal for TSX investors. It’s not just a takeover, but a reminder that even when renewable stocks lag, the value of clean-power platforms can keep rising underneath them.
In markets, as in energy policy, the real fight is often not about who tells the best story. It’s about who has the capital, contracts and patience to build.
Earlier today, La Caisse issued a press release stating Boralex has entered into definitive agreement to be acquired by it and Brookfield, supporting its next phase of growth as a standalone private company:
Boralex Inc. (TSX: BLX), Brookfield and La Caisse announced today that they have entered into a definitive arrangement agreement (the "Arrangement Agreement"), whereby Brookfield and La Caisse (together, the “Purchaser”) will acquire all of Boralex Inc.’s (“Boralex” or the “Corporation”) issued and outstanding Class A common shares of Boralex (the "Common Shares") for a price (the "Consideration") of $37.25 in cash per Common Share (the "Transaction").
The Transaction follows an extensive review undertaken by a special committee comprised entirely of independent directors (the "Special Committee") of Boralex's board of directors (the "Board of Directors"), to maximize shareholder value, finance Boralex's strong pipeline and position the Corporation for its next phase of growth. The Transaction provides Boralex with the support of long-term investors aligned with its business model and growth ambitions, building on its 35‑year experience to further contribute to the economic growth, energy security, and decarbonization of its core markets in Canada, the United States, France and the United Kingdom.
Boralex will operate independently following close of the Transaction. Similar to the benefits realized across Brookfield’s other platforms, the investment from Brookfield and La Caisse will help advance the Corporation’s mission of delivering affordable, renewable energy and enable it to meet growing demand driven by electrification, reindustrialization, and digitalization.
André Courville, Chairman of the Board of Directors of Boralex: "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."
Patrick Decostre, President and Chief Executive Officer 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.”
Jehangir Vevaina, Global Chief Investment Officer, Energy at Brookfield: “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.”
Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse: “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.”
Transaction Highlights for Boralex
- Attractive premium for shareholders
The Consideration of $37.25 per Common Share represents a 31.8% premium over the March 20, 2026 closing price on the TSX and a 36.4% premium over the 30‑day volume-weighted average price for the period ending on March 20, 2026, the last full day of trading prior to the first media report of a strategic review of alternatives.- Certainty of value and immediate liquidity
The shareholders of Boralex will receive their Consideration entirely in cash, which provides certainty of value and immediate liquidity, and removes the risks and volatility associated with owning securities of the Corporation as an independent, publicly-traded company.- Deal certainty
The Purchaser's obligation to complete the Transaction is subject to a limited number of conditions that the Special Committee and the Board of Directors believe, with the advice of their financial advisors and outside legal counsel, are reasonable in the circumstances.- Unanimous Board of Directors recommendation
The Board of Directors, after receiving the unanimous recommendation of the Special Committee, as well as advice from its financial advisors and outside legal counsel, is unanimously recommending that shareholders vote in favour of the Transaction.- Strong partners to help deliver growth
Brookfield and La Caisse are strategically aligned with Boralex's vision and will provide operational, strategic and financial support to accelerate Boralex's growth path.- The Transaction has the support of Boralex’s largest shareholder
La Caisse, Boralex's current largest shareholder with approximately 15% of the outstanding Common Shares, has agreed to invest in the resulting private company, resulting in a pro forma ownership of 30%. La Caisse has also entered into a voting and support agreement with Brookfield, pursuant to which it has agreed to vote all of its Common Shares in favour of the Transaction.Transaction rationale for Brookfield and La Caisse
Brookfield, together with its institutional partners including Brookfield Renewable Partners will participate in the Transaction through its flagship infrastructure strategy. Under the terms of the agreement, La Caisse will increase its ownership to 30% from 15% with Brookfield acquiring the remaining 70%, for $37.25 per common share in cash, representing a 36.4% premium to the 30-day volume weighted average trading price, for the period ending March 20, 2026, the last full day of trading prior to the first media report of a strategic review of alternatives. The Transaction implies a total equity value of approximately $3.8 billion and a total enterprise value of approximately $9.0 billion ($9.7 billion on a Combined3 basis)4.
The Transaction is underpinned by a high-quality asset base and compelling value creation opportunities that Brookfield and La Caisse are uniquely positioned to deliver on. Boralex has ~3,800 megawatts of wind, solar, hydro and battery energy storage assets, with over 90% of them contracted for an average term of 10 years, diversified across Canada, France, the U.S., and the U.K. In addition, the Corporation is advancing a portfolio of projects under construction or ready to build totaling ~300 MW, along with ~750 MW of secured projects. With backing from Brookfield and La Caisse, Boralex will be able to accelerate the development of its project pipeline including ~1,600 megawatts of advanced-stage development projects, and an additional ~5,600 megawatts of mid- and early-stage pipeline located in strategic markets.
- High-quality asset portfolio: Brookfield and La Caisse’s investment is supported by Boralex’s robust, technologically and geographically diverse operating portfolio, backed by long term contracts that secure stable, predictable revenues and its substantial pipeline of advanced projects.
- Accelerating growth: Backed by Brookfield and La Caisse, and leveraging Brookfield’s global platform and capabilities, including procurement, energy marketing, and strategic relationships, Boralex is poised to accelerate project development across its core markets.
- Broadening capabilities and strengthening leadership in core markets: Together, Brookfield and La Caisse are well positioned to enhance Boralex’s leading position by expanding its capabilities across technologies and delivering differentiated energy solutions to customers in an increasingly dynamic energy market.
- Enhancing value across the platform: Driving efficiencies through sharing of best practices across Brookfield’s global businesses, transitioning select assets to self-perform model for maintenance and operations, and optimizing the capital structure leveraging our access to scale capital and long-term investment approach.
- Establishing a disciplined asset recycling program: Drawing on Brookfield’s experience to scale asset recycling alongside development, supporting a growth model of recycling capital into higher-return opportunities.
Fairness Opinions, Formal Valuation and Recommendation of the Boralex Board of Directors
The Arrangement Agreement is the result of a comprehensive strategic review process undertaken with the supervision and involvement of the Special Committee, advised by independent legal and financial advisors.In connection with the review and consideration of the Transaction, the Corporation retained National Bank Capital Markets ("NBCM") and RBC Capital Markets ("RBC") as its financial advisors. The Special Committee retained Desjardins Capital Markets ("Desjardins") as its independent financial advisor and independent valuator. In arriving at its unanimous recommendation in favour of the Transaction, the Special Committee considered several factors, which will be outlined in public filings to be made by the Corporation. Such factors include a formal valuation report prepared by Desjardins in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), to the effect that, based upon and subject to the assumptions, limitations and qualifications set forth therein and to be contained in Desjardins' written formal valuation, the fair market value of the Common Shares is between $33 and $38 per Common Share (the "Formal Valuation"). Furthermore, each of NBCM, RBC and Desjardins has provided the Special Committee and the Board of Directors with opinions that, as at March 25, 2026, subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Boralex's shareholders (other than La Caisse) pursuant to the Transaction is fair, from a financial point of view, to such shareholders (the "Fairness Opinions").
The Board of Directors has evaluated the Arrangement Agreement with Boralex's management and legal and financial advisors, and following the receipt and review of the unanimous recommendation of the Special Committee, the Formal Valuation and the Fairness Opinions, the Board of Directors has unanimously determined that the Transaction is in the best interests of Boralex and is fair to its shareholders (other than La Caisse), and unanimously recommends that shareholders approve the Transaction at the special meeting of shareholders to be called to approve the Transaction (the "Meeting"). The Corporation intends to postpone its upcoming annual meeting of shareholders and combine such meeting with the Meeting.
Additional Transaction Details
The Transaction will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act and is subject to the following approvals: (i) the approval of at least two-thirds of the votes cast by the holders of Common Shares present or represented by proxy at the Meeting; and (ii) the approval of a simple majority of the votes cast by holders of Common Shares present or represented by proxy at the Meeting (excluding the Common Shares held by La Caisse and any other Common Shares required to be excluded pursuant to MI 61-101). The Transaction is also subject to court approval and customary closing conditions, including receipt of key regulatory approvals, is not subject to any financing conditions, and, assuming the timely receipt of all required key regulatory approvals, is expected to close by Q4 2026.The Arrangement Agreement contains non-solicitation covenants on the part of Boralex, subject to the customary "fiduciary out" provisions. A termination fee of $115 million would be payable by Boralex to the Purchaser in certain circumstances, including in the context of a superior proposal supported by Boralex. Boralex would also be entitled to a reverse termination fee of $172 million in certain circumstances.
In connection with the Transaction, La Caisse, Boralex’s largest shareholder with approximately 15% of the outstanding Common Shares, and each director and member of senior management of the Corporation has entered into a customary voting and support agreement pursuant to which they have agreed to vote all of their Common Shares in favour of the Transaction, subject to customary exceptions. Consequently, holders of approximately 15.4% of the Common Shares have agreed to vote their outstanding Common Shares in favour of the Transaction.
Upon completion of the Transaction, it is expected that the Common Shares will be delisted from the TSX, and, following closing, that Boralex will cease to be a reporting issuer under applicable Canadian securities laws.
Additional information regarding the terms and conditions of the Transaction, the rationale for the recommendations made by the Board of Directors and the Special Committee, copies of the Fairness Opinions and the Formal Valuation, the applicable voting requirements for the Transaction, and how shareholders can participate in and vote at the Meeting, will be included in the management information circular (the "Circular") to be mailed to Boralex's securityholders in connection with the Meeting. Copies of the Arrangement Agreement, the support and voting agreements, the Circular and proxy materials in respect of the Meeting will be available under the Corporation's profile on SEDAR+ at www.sedarplus.ca.
All amounts in this press release are in Canadian dollars, unless otherwise indicated.
Advisors
National Bank Capital Markets and RBC Capital Markets are acting as financial advisors to Boralex. Stikeman Elliott LLP is acting as legal counsel to Boralex and the Special Committee. Desjardins Capital Markets is acting as independent financial advisor and independent valuator to the Special Committee. BMO Capital Markets is acting as financial advisor to Brookfield and McCarthy Tétrault LLP is acting as its legal counsel. CIBC Capital Markets is acting as financial advisor to La Caisse and Davies Ward Phillips & Vineberg LLP is acting as its legal counsel.Early Warning Disclosure
Further to the requirements of Regulation 62-104 respecting Take-Over Bids and Issuer Bids and Regulation 62-103 respecting the Early Warning System and Related Take-Over Bid and Insider Reporting Issues, La Caisse will file an early warning report in connection with its participation in the Transaction, in accordance with applicable securities laws. A copy of the early warning report will be filed with the applicable securities commissions and will be made available on the Corporation's profile on SEDAR+ at www.sedarplus.ca. Further information and a copy of the early warning report of La Caisse may be obtained by contacting Jean-Benoit Houde (+1 514 847‑5493 / medias@lacaisse.com).About Boralex
At Boralex, we have 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, we also have facilities in the United States and in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50%, reaching 3,783 MW as at December 31, 2025. We are developing a portfolio of projects in development and construction of 8.2 GW in wind, solar and BESS projects, guided by our values and our corporate social responsibility (CSR) approach. Recognized as Best Corporate Citizen in Canada by Corporate Knights, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex's shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.
For more information, visit boralex.com or sedarplus.com.
About Brookfield
Brookfield Asset Management Ltd. (TSX: BAM, NYSE: BAM) is a leading global alternative asset manager, with over $1 trillion of assets under management across infrastructure, energy, private equity, real estate, and credit. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. We draw on Brookfield’s heritage as an owner and operator to invest for value and generate strong returns for our clients, across economic cycles. For more information, please visit our website at www.bam.brookfield.com.
Brookfield operates Brookfield Renewable Partners (TSX: BEP.UN, BEPC; NYSE: BEP, BEPC), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions. Our renewable power portfolio consists of hydroelectric, wind, utility-scale solar, distributed solar, and storage facilities and our sustainable solutions assets include our investment in a leading global nuclear services business and investments in carbon capture and storage capacity, agricultural renewable natural gas, materials recycling and eFuels manufacturing capacity, among others.
About La Caisse
At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.
As a global investment group, we’re active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, La Caisse’s net assets totalled $517 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.
Alright, big deal by Brookfield and La Caisse taking Boralex private.
I'm not surprised; it was only a matter of time.
In fact, a little over a year ago, La Caisse (formerly known as CDPQ) took Innergex private and I wrote this:
The price CDPQ offered was fair, in line with its long-term average share price and while some think it's worth $16 a share, I doubt any other fund will offer more for it.
Now, there are other reasons why this makes a great private investment for CDPQ's renewables portfolio and Emmanuel Jaclot, CDPQ's Head of Infrastructure, alluded to them.
He said it's a defensive company with strong cash flows that are indexed to inflation as the company has medium term contracts that go out 14 years.
That is a great inflation hedge for their long-dated liabilities with good duration.
What else?
“This investment perfectly illustrates our constructive capital and dual mandate in action: while we strive for optimal returns, we are committed to supporting essential businesses headquartered in Québec, such as Innergex,” Jaclot said.
Indeed, and it also aligns with their sustainable investing goals so it's a win-win-win.
Again, this isn't a get-rich-quick investment; it's a smart long-term investment that bolsters CDPQ's renewables portfolio and they will nurture it over time.
And I wouldn't be surprised if CDPQ takes out Boralex at one point for the same reasons I cited above.
I obviously don't have inside information; I find things out like the rest of the population, through news outlets but it didn't take a financial genius to figure out Boralex was going to be next.
Brookfield isn't a dumb fund, nor is La Caisse.
They are not thinking about the next couple of years, they're thinking about the next two decades and how they can help Boralex realize its 2030 strategy.
Bottom line: some renewable energy companies are capital-intensive and much better suited to be private companies backed by large pools of capital with a long investment horizon.
The stock market reflects the value of these assets based on current information but if nurtured properly in the right structure, these companies can realize their full potential as private entities.
Once they reach their next growth stage, they can then be taken public again, if it makes sense to do so.
Let me just close by stating the obvious: there are momentous shifts going on in the world's energy infrastructure.
It's AI, it's deglobalization, it's the electrification of everything, and wars just add fuel to these factors.
So I think Amy Legate-Wolfe got it right in her article when she ended it on this note:
Wind farms, storage facilities and long-term power contracts do not always produce thrilling headlines. They do, however, produce the thing modern economies increasingly need: electricity.
That is what makes Brookfield’s bid for Boralex such a big deal for TSX investors. It’s not just a takeover, but a reminder that even when renewable stocks lag, the value of clean-power platforms can keep rising underneath them.
In markets, as in energy policy, the real fight is often not about who tells the best story. It’s about who has the capital, contracts and patience to build.
Couldn't have said it better myself.
Lastly, I know there are critics out there who think La Caisse is taking Innergex and Boralex private to hide losses as renewable energy stocks are out of favour.
One friend of mine told me: "They're both dogs with fleas."
Well, they are to a trader like him, not if you're La Caisse and Brookfield and are patient enough to realize full value here.
Capiche?
And to my buddy trading stocks, renewable energy stocks are slowly coming back after a terrible 2025:
Alright, that's a wrap.
Below, Theresa Shutt, chief investment officer at Harbourfront Wealth Management, joins BNN Bloomberg to discuss the outlook on the markets and the Boralex deal.
I met Theresa years ago at a conference in Mont-Tremblant, she's a smart lady, listen to her comments.
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