Boralex exits the TSX on 17 August as Brookfield and La Caisse complete C$9 billion take-private

Boralex's class A common shares are expected to be removed from the Toronto Stock Exchange on or about 17 August 2026, one trading day after Brookfield and La Caisse formally closed their C$9 billion acquisition of the Canadian renewables developer on 14 August^[1]. The deal ends a 29-year run as a public company: Boralex conducted its first public share offering in 1997, listing on the TSX under the symbol BLX.

The deal structure

The acquiring entity, BIF Thunder Holdings - a joint venture formed by Brookfield and La Caisse - paid C$37.25 per share in cash, implying a total equity value of approximately C$3.8 billion and a total enterprise value of C$9 billion including project and corporate-level debt. The consideration represents a 31.8% premium over the 20 March 2026 closing price on the TSX and a 36.4% premium over the 30-day volume-weighted average price for the period ending that date.

Post-transaction, La Caisse increases its ownership stake from approximately 15% to 30%, while Brookfield holds the remaining 70%. Brookfield participates through its flagship infrastructure strategy alongside institutional partners including Brookfield Renewable Partners.

What Brookfield and La Caisse are acquiring

Boralex enters private ownership with a substantial operating base and a larger development pipeline:

• 3,822 MW of installed capacity across wind, solar, hydroelectric, and battery storage
• Over 90% of operating assets contracted for an average remaining term of 10 years
• Approximately 300 MW of projects under construction or ready to build, plus roughly 750 MW of secured projects
• Around 1,600 MW of advanced-stage development projects and an additional 5,600 MW of mid- and early-stage pipeline in strategic markets

Boralex is a leader in the Canadian market and France's largest independent producer of onshore wind power, with facilities also in the United States and the United Kingdom.

The rationale for going private

Boralex CEO Patrick Decostre framed the deal in equity terms when it was announced in March. The company needed roughly C$500 million of equity to advance its largest projects - two Quebec wind developments of approximately 400 MW each - and the public markets offered no certainty of timing. Brookfield and La Caisse's investment is intended to help advance Boralex's mission of delivering affordable renewable energy and enable it to meet growing demand driven by electrification, reindustrialization, digitalization, and energy security imperatives. Boralex will operate independently following close of the acquisition.

Boralex has applied to cease to be a reporting issuer under applicable securities legislation, completing its exit from public markets. Index managers are already acting: Tortoise Capital announced that BLX will be removed from its Decarbonization Infrastructure Index at market open on 17 August 2026, with its weight distributed pro rata to remaining constituents.

The immediate question for the sector is whether Boralex's 8.2 GW development pipeline accelerates under private ownership - and whether Brookfield's procurement scale and La Caisse's long-duration capital appetite translate into faster project delivery in Canada, France, the US, and the UK than the company could have achieved on the public markets.