Boralex Inc., a Montréal-headquartered renewable energy producer operating wind, solar, hydroelectric and battery storage facilities across Canada, the United States, France and the United Kingdom, has agreed to be taken private by Brookfield Asset Management Ltd. and La Caisse de dépôt et placement du Québec (La Caisse), in a transaction implying a total enterprise value of approximately $9.0 billion ($9.7 billion on a combined basis), including project and corporate-level indebtedness. The transaction implies a total equity value of approximately $3.8 billion.
La Caisse, Boralex's largest shareholder with approximately 15 percent of outstanding common shares, has agreed to vote in favour of the transaction and will make a post-closing investment in Boralex, resulting in a pro forma ownership of 30 percent. Brookfield, alongside institutional partners including Brookfield Renewable Partners, will hold the remaining 70 percent through its flagship infrastructure strategy.
Boralex operates approximately 3,800 megawatts of installed wind, solar, hydro and battery energy storage capacity, with over 90 percent contracted for an average term of 10 years, diversified across its four core markets. The corporation is also advancing approximately 300 MW of projects under construction or ready to build, along with approximately 750 MW of secured projects. With backing from Brookfield and La Caisse, Boralex will be able to accelerate the development of approximately 1,600 megawatts of advanced-stage development projects and an additional approximately 5,600 megawatts of mid- and early-stage pipeline located in strategic markets.
Boralex will operate independently following the close of the transaction. The company will maintain its headquarters in Québec.
“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,” Boralex president and CEO Patrick Decostre said in a press release. “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.”
Brookfield energy global chief investment officer Jehangir Vevaina said, “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 have supported Boralex since 2017 as a shareholder and lender,” said La Caisse executive vice-president and head of Québec Kim Thomassin. “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.”
McCarthy Tétrault LLP is serving as legal counsel to Brookfield, with BMO Capital Markets as the financial advisor. Davies Ward Phillips & Vineberg LLP is serving as legal counsel to La Caisse, with CIBC Capital Markets as the financial advisor. Stikeman Elliott LLP is serving as legal counsel to Boralex and the special committee, with National Bank Capital Markets and RBC Capital Markets as financial advisors.
The deal is expected to close by the fourth quarter of 2026, subject to customary closing conditions.
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