Key Takeaways
- • Brookfield and La Caisse completed the acquisition of Boralex Inc. on August 14, 2026, at CAD $37.25 per share in cash, representing a 31.8–32% premium to the pre-announcement price and valuing the total transaction at approximately CAD $3.8 billion in equity (CAD $9 billion including debt).
- • La Caisse acquired a 17.3% interest in Boralex alongside Brookfield and its institutional partners, including Brookfield Renewable Partners, consolidating control of the Quebec-based renewable energy platform under joint ownership.
- • Boralex shares were delisted from the Toronto Stock Exchange on or about August 17, 2026, following shareholder approval and regulatory clearance; the company has ceased to be a reporting issuer across Canadian provinces.
- • Brookfield secured CAD $1.2 billion in acquisition financing to support the transaction, demonstrating strong debt market access for large renewable energy infrastructure deals in the current environment.
- • The acquisition positions Boralex as a private platform within Brookfield's renewable energy and infrastructure portfolio, expanding the buyer's exposure to global clean energy assets and strengthening La Caisse's institutional real estate and private credit positioning.
Summary
Brookfield Asset Management and La Caisse (formerly CDPQ) completed their previously announced acquisition of Boralex Inc. on August 14, 2026, taking the Canadian renewable energy independent power producer (IPP) private. Under the terms of the plan of arrangement, shareholders received CAD $37.25 per share in cash—a 31.8% premium to the pre-announcement price. The all-cash transaction valued Boralex's equity at approximately CAD $3.8 billion, with total consideration including debt reaching approximately CAD $9 billion.
La Caisse acquired a 17.3% stake in Boralex alongside Brookfield and its institutional partners, including Brookfield Renewable Partners. As of June 30, 2026, La Caisse held CAD 552 billion in net assets across real estate, infrastructure, and private credit mandates, positioning the Boralex acquisition as a material renewable energy and infrastructure play for the Quebec-based pension investor. Brookfield successfully closed CAD $1.2 billion in acquisition financing, underscoring robust debt capital availability for large-scale clean energy infrastructure transactions.
The acquisition closed following shareholder approval and regulatory clearance. Payment to shareholders was facilitated through Computershare Investor Services Inc., with registered shareholders receiving instruction via letters of transmittal available on SEDAR+. Boralex shares were delisted from the Toronto Stock Exchange on or about August 17, 2026, and the company has applied to cease reporting issuer status across all Canadian provinces where it previously held such status.
The transaction reflects strategic consolidation within the North American renewable energy sector, with Boralex's global renewable energy platform now integrated into Brookfield's infrastructure portfolio and aligned with La Caisse's institutional investment thesis in energy transition and long-duration infrastructure assets.
La Caisse acquired a 17.3% stake in Boralex alongside Brookfield and its institutional partners, including Brookfield Renewable Partners. As of June 30, 2026, La Caisse held CAD 552 billion in net assets across real estate, infrastructure, and private credit mandates, positioning the Boralex acquisition as a material renewable energy and infrastructure play for the Quebec-based pension investor. Brookfield successfully closed CAD $1.2 billion in acquisition financing, underscoring robust debt capital availability for large-scale clean energy infrastructure transactions.
The acquisition closed following shareholder approval and regulatory clearance. Payment to shareholders was facilitated through Computershare Investor Services Inc., with registered shareholders receiving instruction via letters of transmittal available on SEDAR+. Boralex shares were delisted from the Toronto Stock Exchange on or about August 17, 2026, and the company has applied to cease reporting issuer status across all Canadian provinces where it previously held such status.
The transaction reflects strategic consolidation within the North American renewable energy sector, with Boralex's global renewable energy platform now integrated into Brookfield's infrastructure portfolio and aligned with La Caisse's institutional investment thesis in energy transition and long-duration infrastructure assets.
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