At a glance
- The deal was first announced in March and approved by shareholders at a special meeting on August 4, 2026.
- Regulatory filings cited by Net Zero Investor put the price at $37.25 per Class A share, a 31.8% premium over Boralex's close on March 20.
- La Caisse did not stop at the acquisition vehicle.
La Caisse and Brookfield have closed their acquisition of Boralex, with the Canadian renewables developer set to delist from the Toronto Stock Exchange shortly, Net Zero Investor reports. The deal was first announced in March and approved by shareholders at a special meeting on August 4, 2026.
Regulatory filings cited by Net Zero Investor put the price at $37.25 per Class A share, a 31.8% premium over Boralex's close on March 20. Boralex disclosed at the time that enterprise value, including corporate and project debt, was estimated at roughly $9 billion. The offer ran through BIF Thunder Holdings, a joint venture the two investors set up for the transaction.
La Caisse did not stop at the acquisition vehicle. The pension agreed to invest in the private company formed by the deal and now owns roughly 30% of Boralex. Kim Thomassin, La Caisse's executive vice-president and head of Quebec, said when the deal was announced that the pension has backed Boralex since 2017 as a shareholder and lender, and described the transaction as a reflection of confidence in a renewable energy leader rooted in Québec and positioned for growth in North America and internationally.
Boralex is a renewables developer with operations across North America and Europe, a presence in the UK and Canada, and the distinction of being France's first independent onshore wind power producer. Its stated target is 7 gigawatts of installed capacity by 2030.
The delisting changes how that target will be judged. A listed developer carries a daily price formed by interest rates, guidance, and sentiment. A private Boralex answers to its owners' capital accounts, where value is built through project execution. The 31.8% premium is the price of buying out a public shareholder base and gaining full control over the pipeline's timing. The $9 billion enterprise value includes corporate and project debt, so the equity check is smaller than that headline figure.
The coverage does not detail how the remaining ownership is split between the joint venture and the partners beyond La Caisse's 30% stake. What is clear is that the pension added capital directly to the operating company, not just to the acquisition vehicle. Whether the 7GW goal is met on schedule will be the clearest test of whether a private structure actually speeds up a renewables buildout. For La Caisse, Boralex becomes a long-horizon holding whose success will be measured in installed megawatts and the cash flows they produce.
Reported by the Who's investing desk from Net Zero Investor. Published . Corrections