What does the $9 billion acquisition of Boralex Inc. by Brookfield Asset Management and La Caisse mean for the renewable energy landscape? This significant deal, which includes debt, is poised to reshape the future of Boralex and its operations.
The acquisition price is set at $37.25 per share in cash, with an equity value of approximately $3.8 billion. La Caisse, currently Boralex’s largest shareholder with a 15% stake, will see its ownership increase to 30% after the deal closes, while Brookfield and its partners will hold 70%.
As of December 31, 2025, Boralex’s installed capacity stood at nearly 3,800 megawatts, with an impressive 8,200 megawatts of projects in development and construction. This acquisition will add about four gigawatts of projects to Brookfield’s existing 46 gigawatts of global renewable energy.
Patrick Decostre, CEO of Boralex, expressed confidence in the deal, stating, “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, added, “We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline in its next phase of growth.”
The acquisition has received unanimous approval from Boralex’s board of directors and is expected to close by the fourth quarter of 2026. Despite the positive outlook, Boralex’s shares have seen a decline from a peak above $55 in early 2021 to less than half that level recently.
Kim Thomassin, executive vice-president and head of Québec at La Caisse, remarked, “The acquisition reflects La Caisse’s strong confidence in Boralex.” Meanwhile, Brookfield emphasized the strong fundamentals for clean energy, highlighting the need for increased development capabilities in major strategic markets.
As the deal progresses, Boralex will continue to operate independently as a private company, ensuring its growth trajectory remains intact. However, details remain unconfirmed regarding the specific impacts on current projects and workforce adjustments.