- 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.
Montréal, Québec (Canada), March 25, 2026 – Boralex Inc. (TSX: BLX), Brookfield and La Caisse announced today that they have entered into a definitive arrangement agreement (the "Arrangement Agreement"), whereby Brookfield and La Caisse (together, the “Purchaser”) will acquire all of Boralex Inc.’s (“Boralex” or the “Corporation”) issued and outstanding Class A common shares of Boralex (the "Common Shares") for a price (the "Consideration") of $37.25 in cash per Common Share (the "Transaction").
The Transaction follows an extensive review undertaken by a special committee comprised entirely of independent directors (the "Special Committee") of Boralex's board of directors (the "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.”
Transaction Highlights for Boralex
- Attractive premium for shareholders
The Consideration of $37.25 per Common Share represents 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 on March 20, 2026, the last full day of trading prior to the first media report of a strategic review of alternatives.
- Certainty of value and immediate liquidity
The shareholders of Boralex will receive their Consideration entirely in cash, which provides certainty of value and immediate liquidity, and removes the risks and volatility associated with owning securities of the Corporation as an independent, publicly-traded company.
- Deal certainty
The Purchaser's obligation to complete the Transaction is subject to a limited number of conditions that the Special Committee and the Board of Directors believe, with the advice of their financial advisors and outside legal counsel, are reasonable in the circumstances.
- Unanimous Board of Directors recommendation
The Board of Directors, after receiving the unanimous recommendation of the Special Committee, as well as advice from its financial advisors and outside legal counsel, is unanimously recommending that shareholders vote in favour of the Transaction.
- Strong partners to help deliver growth
Brookfield and La Caisseare strategically aligned with Boralex's vision and will provide operational, strategic and financial support to accelerate Boralex's growth path.
- The Transaction has the support of Boralex’s largest shareholder
La Caisse, Boralex's current largest shareholder with approximately 15% of the outstanding Common Shares, has agreed to invest in the resulting private company, resulting in a pro forma ownership of 30%. La Caisse has also entered into a voting and support agreement with Brookfield, pursuant to which it has agreed to vote all of its Common Shares in favour of the Transaction.
Transaction rationale for Brookfield and La Caisse
Brookfield, together with its institutional partners including Brookfield Renewable Partners will participate in the Transaction through its flagship infrastructure strategy. Under the terms of the agreement, La Caisse will increase its ownership to 30% from 15% with Brookfield acquiring the remaining 70%, for $37.25 per common share in cash, representing a 36.4% premium to the 30-day volume weighted average trading 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 equity value of approximately $3.8 billion and a total enterprise value of approximately $9.0 billion ($9.7 billion on a Combined[1] basis)[2].
The Transaction is underpinned by a high-quality asset base and compelling value creation opportunities that Brookfield and La Caisse are uniquely positioned to deliver on. Boralex has ~3,800 megawatts of wind, solar, hydro and battery energy storage assets, with over 90% of them contracted for an average term of 10 years, diversified across Canada, France, the U.S., and the U.K. In addition, the Corporation is advancing a portfolio of projects under construction or ready to build totaling ~300 MW, along with ~750 MW of secured projects. With backing from Brookfield and La Caisse, Boralex will be able to accelerate the development of its project pipeline including ~1,600 megawatts of advanced-stage development projects, and an additional ~5,600 megawatts of mid- and early-stage pipeline located in strategic markets.
- High-quality asset portfolio: Brookfield and La Caisse’s investment is supported by Boralex’s robust, technologically and geographically diverse operating portfolio, backed by long‑term contracts that secure stable, predictable revenues and its substantial pipeline of advanced projects.
- Accelerating growth: Backed by Brookfield and La Caisse, and leveraging Brookfield’s global platform and capabilities, including procurement, energy marketing, and strategic relationships, Boralex is poised to accelerate project development across its core markets.
- Broadening capabilities and strengthening leadership in core markets: Together, Brookfield and La Caisse are well positioned to enhance Boralex’s leading position by expanding its capabilities across technologies and delivering differentiated energy solutions to customers in an increasingly dynamic energy market.
- Enhancing value across the platform: Driving efficiencies through sharing of best practices across Brookfield’s global businesses, transitioning select assets to self-perform model for maintenance and operations, and optimizing the capital structure leveraging our access to scale capital and long-term investment approach.
- Establishing a disciplined asset recycling program: Drawing on Brookfield’s experience to scale asset recycling alongside development, supporting a growth model of recycling capital into higher-return opportunities.
[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.