- This Transaction provides Boralex with powerful levers to accelerate the execution of its 2030 Strategic Plan and strengthens its ability to create long-term value for all its stakeholders.
- Boralex shareholders to receive $37.25 in cash per Common Share, representing 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 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 enterprise value of $9.0 billion ($9.7 billion on a Combined[1] basis)[2], including project and corporate-level indebtedness. This represents a 13 times 2026E consensus EBITDA on the Combined1 total enterprise value.
- La Caisse, Boralex's largest shareholder with approximately 15% of the outstanding Common Shares, has agreed to vote in favour of the Transaction and to make a post-closing investment in Boralex, resulting in a pro forma interest of 30%.
- Brookfield and La Caisse will strengthen Boralex’s leadership in its core markets by accelerating development, expanding its capabilities, and establishing a disciplined capital recycling program.
- In connection with the Transaction, Boralex will maintain its headquarters in Québec and will continue to play an important role as a major employer and contributor to Québec's growing economy and energy demand.
- The Transaction, which has been unanimously approved by Boralex's Board of Directors, provides immediate liquidity and certainty of value to shareholders, while positioning the Corporation for its next phase of growth as a private company and creating value for Boralex stakeholders, including shareholders, employees, customers, First Nations, communities and suppliers.
- The Transaction is expected to close by Q4 2026, subject to the receipt of the required approvals from Boralex’s shareholders and certain regulatory approvals, as well as the satisfaction of other customary closing conditions.
Boralex, Brookfield and La Caisse have announced that they have entered into a definitive arrangement agreement, whereby Brookfield and La Caisse will acquire all of Boralex Inc.’s issued and outstanding Class A common shares of Boralex for a price of $37.25 in cash per Common Share.
The Transaction follows an extensive review undertaken by a special committee comprised entirely of independent directors of Boralex's 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.'
[1]Combined is a non-GAAP financial measures and does not have a standardized definition under IFRS, and may therefore not be comparable to similar measures used by other companies.
[2] Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.
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Source: Boralex
