Quebec-based renewable energy company Boralex Inc. (BLX-T) has entered into a deal to be acquired for $9 billion, including debt, by Brookfield Asset Management Ltd. and La Caisse.

TBrookfield and La Caisse plan to acquire all of Boralex’s issued and outstanding class-A common shares for $37.25 in cash, implying a total equity value of $3.8 billion. The price represents a 31.8-per-cent premium over its March 20 closing price on the Toronto Stock Exchange.

Under the plan, Brookfield would acquire 70 per cent of Boralex while La Caisse plans to raise its ownership in Boralex from 15 per cent to 30 per cent.

The move has been unanimously approved by Boralex's board of directors, the company said in a Wednesday morning release, and will prepare the company for further growth as it enters “an accelerated growth phase requiring significant capital deployment and financial flexibility,” Patrick Decostre, president and CEO of Boralex, said.

Upon closing of the transaction, expected by Q4, Kingsey Falls-headquartered Boralex is to continue to operate independently and become a private company. Its headquarters will remain in Quebec.

Boralex is one of Canada’s largest renewables developers and operators with a portfolio of wind, solar and battery energy storage projects in North America and Europe. As of Dec. 31, 2025, Boralex's installed capacity was almost 3,800 megawatts (MW). The firm currently has approximately 8,200 MW of projects in development and construction.

Canada's largest energy storage project, the Hagersville Battery Energy Storage Park, is operated through an equal partnership between Boralex and the Six Nations of the Grand River Development Corporation.

Accelerating Boralex’s development

La Caisse, a Montreal-based pension fund that is one of Canada’s biggest with net assets of $517 billion, is currently Boralex’s largest shareholder.

Brookfield Asset Management, a New York-based firm that is one of the world’s largest in its sector with over $1 trillion of assets under management, plans to participate in the transaction alongside institutional partners including Brookfield Renewable Partners.

Backed by both companies, Boralex will have the capacity to speed up the development of a project pipeline that includes approximately 1,600 MW of advanced-stage projects and 5,600 MW of mid- and early-stage projects, the company said.

“We are excited to partner with La Caisse to accelerate the delivery of Boralex’s development pipeline in its next phase of growth,” Jehangir Vevaina, the global chief investment officer of energy at Brookfield, said.

By bringing together Brookfield’s customer and supply chain partnerships, long-term capital and experience in renewables with a foundation built by Boralex, it will help grow Brookfield’s presence in Canada and other attractive energy markets, he continued.

The acquisition reflects La Caisse’s “strong confidence” in Boralex, its executive vice-president and head of Québec Kim Thomassin said.

Brookfield, La Caisse’s interest in renewable energy

Brookfield and La Caisse have shown strong interest in renewable and clean energy.

Last year, La Caisse acquired Quebec-based renewables company Innergex Renewable Energy Inc. in a deal valuing Innergex at $10 billion.

Brookfield, which was founded in Canada and headquartered in Toronto until about two years ago, partnered with the British Columbia Investment Management Corporation and Norway’s central bank to create a renewables company named Northview Energy in early March, a subsidiary valued at US$2.6 billion.

In its latest market outlook, the Canadian Renewable Energy Association (CanREA) projects between 2025 to 2035 Canada will see an additional 30 to 51 gigawatts (GW) of wind, 17 to 26 GW of solar and 12 to 16 GW of energy storage.

Total installed capacity of wind, solar and energy storage in Canada is expected to increase by 32 per cent by 2029, and double by 2035, CanREA added.