Brookfield acquires Boralex Inc

Brookfield Asset Management, in collaboration with Quebec's public pension fund manager La Caisse de dépôt et placement du Québec, has agreed to acquire Boralex Inc., a Canadian renewable energy firm, in a cash transaction that values the company at $9 billion. This acquisition seeks to transition Boralex into a private entity, aligning with its 2030 Strategic Plan and enhancing its long-term growth prospects in the renewable sector.

Under the terms of the agreement, Boralex shareholders will receive $37.25 per common share, representing a premium of 31.8% over the closing price on March 20, 2026, and a 36.4% premium over the 30-day volume-weighted average price preceding this announcement. The total enterprise value, accounting for project and corporate debt, amounts to $9.7 billion, which equates to 13 times the projected EBITDA for 2026. La Caisse, Boralex's largest shareholder with a 15% stake, has committed to endorsing the acquisition and increasing its investment post-closure.

The acquisition is intended to propel Boralex's capacity in its existing markets, with a focus on expanding and optimizing its renewable energy capabilities. Brookfield and La Caisse are set to assist Boralex in instituting a capital recycling program that will underpin the company's growth strategy across Canada, the United States, France, and the United Kingdom. Maintaining its headquarters in Québec, Boralex will continue as a significant contributor to the local economy and energy requirements.

This acquisition occurs within a broader trend of consolidation in the renewable energy sector, as companies seek scale to better address increasing demand for clean energy solutions. For Brookfield, this move enhances their portfolio in renewable resources, potentially edging out competitors through strategic expansion and infrastructure investments. Boralex, bolstered by Brookfield’s extensive resources and La Caisse's aligned interests, is positioned to advance its mission amid sector-specific challenges such as electrification and industrial decarbonization.

The transaction, approved unanimously by Boralex's board, is anticipated to close by the fourth quarter of 2026, contingent upon shareholder consent and customary regulatory approvals. The deal signifies a pivotal shift for Boralex as it leverages the backing of established investors to fortify its operational footprint in the burgeoning renewable energy landscape.