What does the $9 billion acquisition mean for Boralex? The answer is significant for the renewable energy sector, as Brookfield Asset Management Ltd. and La Caisse are acquiring Boralex Inc. for a total of $9 billion, which includes debt. The equity value of the deal is approximately $3.8 billion, with an acquisition price set at $37.25 per share in cash.
La Caisse, which is Boralex’s largest shareholder with about a 15% stake, will see its ownership increase to 30% upon completion of the acquisition. Meanwhile, Brookfield and its partners will hold 70% of Boralex after the deal closes, which is expected by the fourth quarter of 2026.
Boralex’s installed capacity was nearly 3,800 megawatts as of December 31, 2025, and the company has approximately 8,200 megawatts of projects in development and construction. This acquisition is seen as a strategic move to enhance Boralex’s growth potential in the renewable energy market.
Patrick Decostre, CEO of Boralex, stated, “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.” This sentiment is echoed by Jehangir Vevaina, Brookfield’s chief investment officer for energy, who expressed excitement about partnering with La Caisse to accelerate Boralex’s development pipeline.
Kim Thomassin, executive vice-president and head of Québec at La Caisse, remarked, “The acquisition reflects La Caisse’s strong confidence in Boralex.” This confidence comes at a time when the fundamentals for clean energy remain robust, as noted by Brookfield, which is adding more development capabilities in major strategic markets.
Historically, Boralex’s shares peaked above $55 in early 2021 but were trading at less than half that level as of last week, highlighting the volatility in the renewable energy sector. The unanimous approval of the acquisition by Boralex’s board of directors indicates a strong belief in the benefits of this partnership.
After the acquisition, Boralex will continue to operate independently as a private company, allowing it to maintain its operational strategies while benefiting from the financial backing of Brookfield and La Caisse. The deal will also add about four gigawatts of projects to Brookfield’s existing 46 gigawatts of global renewable energy.
As the deal progresses towards its expected closure, the implications for both Boralex and the broader renewable energy market will become clearer. For now, the focus remains on how this acquisition will shape the future of clean energy development in Canada and beyond.
