Brookfield and Quebec-based institutional investor La Caisse announced an agreement to acquire Quebec-based global renewable energy platform Boralex, in a deal valuing the company at an enterprise value of USD$6.5 billion.

Under the terms of the agreement, which has been approved by Boralex’s Board of Directors, Brookfield will acquire a 70% stake in Boralex, with La Caisse, who is currently Boralex’s largest shareholder with a 15% stake, will make a post-closing investment to bring its stake to 30%.

Boralex currently has approximately 3.8 GW of wind, solar, hydro and battery energy storage assets across Canada, France, the U.S., and the UK, with over 90% contracted for an average term of 10 years, and a project pipeline which includes 1.6 GW of advanced-stage development projects, and an additional 5.6 GW megawatts at mid- and early-stage.

The company said that the backing from Brookfield and La Caisse will enable it to accelerate the development of its project pipeline in core markets.

Boralex President and CEO Patrick Decostre said:

“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.”

In addition to accelerating Boralex’s pipeline development, Brookfield and La Caisse said that they will also establish a disciplined capital recycling program at the company, supporting a growth model of recycling capital into higher-return opportunities.

Jehangir Vevaina, Global Chief Investment Officer, Energy at Brookfield said:

“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.”

Boralex will operate independently following close of the acquisition, and maintain its headquarters in Quebec. The transaction is expected to close by Q4 2026.

Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse said:

“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.”