Brookfield and La Caisse take Boralex private at C$37.25 per share, with TSX delisting set for 17 August

Brookfield and La Caisse completed their acquisition of Boralex on 14 August 2026, paying C$37.25 per share in cash for all outstanding class A common shares of the Montréal-based renewables developer^[1]. The deal, structured as a plan of arrangement under the Canada Business Corporations Act, values Boralex at a total enterprise value of C$9.0 billion (C$9.7 billion on a combined basis), including project and corporate-level debt.

Structure and ownership

The acquisition was executed through BIF Thunder Holdings, a joint venture owned 70% by Brookfield and 30% by La Caisse. La Caisse was already Boralex's largest shareholder, holding approximately 15% of outstanding common shares before the deal, and has agreed to a post-closing investment that brings its pro forma interest to 30%.

Brookfield's institutional partners in the transaction include Brookfield Renewable Partners. Boralex will operate independently following completion of the acquisition. The company will maintain its headquarters in Québec.

What Boralex brings to the table

At close, Boralex had 3,822 MW of installed capacity across wind, solar, hydroelectricity, and battery storage in Canada, France, the United States, and the United Kingdom. France is Boralex's largest international market, where the company is the country's biggest independent producer of onshore wind power. More than 90% of the portfolio is contracted, for an average remaining term of around 10 years.

The development pipeline that Brookfield and La Caisse are acquiring alongside the operating base is substantial:

• 8.2 GW of wind, solar, and BESS projects in development and construction
• A HORIZON 2030 strategic plan targeting approximately 7,000 MW of installed capacity - roughly double current levels
• Planned investments of C$6.8 billion through 2030, with a further C$1.2 billion for projects commissioning after that date

Path to close

Boralex shareholders approved the arrangement at an annual and special meeting held on 4 June 2026, and the Superior Court of Québec (Commercial Division) issued a final order approving the arrangement on 5 June 2026. All required regulatory approvals were received by 6 August 2026, with the parties expecting closing on or about 14 August 2026.

The definitive agreement had been announced on 25 March 2026. The offer represented a premium of 36.4% over the 30-day volume-weighted average price for the period ending 20 March 2026, the last full trading day before the first media report of a strategic review.

What to watch

Boralex's shares are expected to be delisted from the Toronto Stock Exchange on or about 17 August 2026. The company has also applied to cease to be a reporting issuer under the securities legislation of each Canadian province where it currently holds that status. As a private company, Boralex will no longer be subject to quarterly public reporting obligations - removing one constraint on longer-dated capital allocation decisions. The test for Brookfield and La Caisse is whether private ownership can accelerate the 8.2 GW pipeline faster than the public markets would have allowed.