What does the recent acquisition of Boralex by Brookfield Asset Management and La Caisse mean for the future of renewable energy in Quebec? The answer is promising, as the deal, valued at $9 billion including debt, is expected to bolster Boralex’s growth and development capabilities.
The equity value of the transaction stands at approximately $3.8 billion, with an acquisition price of $37.25 per share in cash. La Caisse, which is already Boralex’s largest shareholder with a 15% stake, will see its ownership increase to 30% post-acquisition. Meanwhile, Brookfield and its partners will hold a significant 70% stake in the company.
As of December 31, 2025, Boralex boasts an installed capacity of nearly 3,800 megawatts and has around 8,200 megawatts of projects in development and construction. This acquisition has been unanimously approved by Boralex’s board of directors, indicating strong internal support for the transition.
Patrick Decostre, CEO of Boralex, expressed optimism about 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.” This sentiment is echoed by Jehangir Vevaina, Brookfield’s chief investment officer for energy, who noted, “We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline in its next phase of growth.”
Kim Thomassin, executive vice-president and head of Québec at La Caisse, remarked that the acquisition reflects their strong confidence in Boralex, highlighting the fundamentals that remain robust for clean energy.
The deal is anticipated to close by the fourth quarter of 2026, marking a significant milestone for both Boralex and its new partners. After the acquisition, Boralex will continue to operate independently as a private company, ensuring that its mission and values remain intact.
Brookfield’s existing portfolio of renewable energy projects, totaling 46 gigawatts globally, will be further enhanced by the addition of approximately four gigawatts from Boralex’s projects. This strategic move underscores the growing importance of renewable energy in today’s market.
Details remain unconfirmed regarding the full implications of this acquisition on local employment and community initiatives. However, it is clear that this partnership aims to foster growth in Quebec’s renewable energy sector and contribute to a sustainable future.
