MONTRÉAL (Azat TV) – Boralex Inc., a leading Canadian renewable energy producer, has signed a definitive agreement to be acquired by Brookfield Corporation alongside Quebec’s pension fund, La Caisse de dépôt et placement du Québec (CDPQ), in a deal valuing Boralex at approximately $9 billion. This transaction, announced March 25, 2026, marks Boralex’s transition from a publicly traded company on the Toronto Stock Exchange (TSX) to a private standalone entity, positioning it for accelerated growth in the renewable energy sector.
Boralex acquisition details and shareholder impact
The agreement sets a cash purchase price of $37.25 per common share, representing a 31.8% premium over Boralex’s closing price on March 20, 2026, and a 36.4% premium over the 30-day volume-weighted average price. Boralex shareholders will receive immediate liquidity through this all-cash transaction, which has been unanimously recommended by the company’s Board of Directors following an extensive strategic review.
The transaction’s total enterprise value of $9 billion includes both equity and debt, with a 13 times 2026 projected EBITDA multiple. La Caisse, which currently holds about 15% of Boralex shares, will increase its stake to 30% post-closing, partnering with Brookfield, which will acquire the remaining 70%.
Role of La Caisse and strategic significance for Quebec and Canadian renewables
La Caisse’s expanded involvement highlights the Quebec pension fund’s ongoing commitment to fostering homegrown renewable energy champions. The fund’s increased ownership stake and support for the deal underscore its strategy of backing companies that contribute to Quebec’s economic growth and energy transition goals.
Boralex will retain its headquarters in Quebec, continuing to be a major regional employer and economic contributor. The partnership with Brookfield and La Caisse aims to accelerate Boralex’s development pipeline, which includes nearly 4,000 megawatts of operating wind, solar, hydro, and battery storage assets, as well as over 8 gigawatts of projects under development or construction across Canada, the United States, France, and the United Kingdom.
Implications for the TSX renewable energy sector and future growth
Following closing, expected in the fourth quarter of 2026 pending shareholder and regulatory approvals, Boralex’s shares will be delisted from the TSX. This move reduces the public renewable energy sector on the Canadian exchange but provides Boralex with the flexibility and capital support needed for rapid expansion amid growing demand driven by electrification, reindustrialization, and digitalization trends.
Brookfield brings global scale, operational expertise, and extensive renewable energy experience, complementing Boralex’s established platform. The transaction includes plans for disciplined capital recycling and enhanced operational efficiencies, which are expected to drive long-term value creation.
Next steps and outlook for Boralex’s private phase
The acquisition is subject to customary closing conditions, including shareholder approval at a special meeting and regulatory clearances. Boralex’s management has emphasized that the transaction positions the company to pursue its 2030 strategic plan more aggressively, leveraging Brookfield’s and La Caisse’s resources to accelerate project development and expand market leadership.
The transaction was supported by a comprehensive fairness evaluation by independent financial advisors and legal counsel, confirming the premium and terms as fair and beneficial for shareholders. Boralex’s future as a private company is expected to enhance its ability to respond to market dynamics and technological advancements in the renewable sector.
- Boralex shareholders to receive $37.25 per share in cash, a 31.8% premium.
- La Caisse increases ownership to 30%, Brookfield acquires 70%.
- Transaction values Boralex at $9 billion enterprise value.
- Deal expected to close by Q4 2026 pending approvals.
- Boralex to be delisted from the TSX post-closing.
This acquisition signals a significant consolidation in the Canadian renewable energy industry, underlining the strategic role of institutional investors like La Caisse in shaping the sector’s future. By transitioning Boralex to private ownership with strong backing from Brookfield and La Caisse, the company gains the financial flexibility and operational support needed to capitalize on accelerating demand for clean energy solutions across multiple markets.