Brookfield and La Caisse Acquire Boralex for $6.5 Billion

Type: Acquisition · Technology: Onshore Wind, Solar, Hydro, Storage · Country: Canada · Capacity: 3800 MW · Announced: 2026-03-25

Brookfield and Quebec-based institutional investor La Caisse announced an agreement to acquire Quebec-based global renewable energy platform Boralex in a deal valuing the company at an enterprise value of $6.5 billion. Under the transaction, Brookfield will acquire a 70% stake in Boralex, while La Caisse, currently Boralex's largest shareholder with a 15% stake, will make a post-closing investment to increase its ownership to 30%. Boralex operates approximately 3.8 GW of wind, solar, hydro and battery storage assets across Canada, France, the U.S., and the UK, with over 90% contracted for an average term of 10 years, plus a development pipeline of 1.6 GW of advanced-stage projects and an additional 5.6 GW at mid- and early-stage. The backing from Brookfield and La Caisse will enable Boralex to accelerate pipeline development and establish a disciplined capital recycling program. The transaction is expected to close by Q4 2026, with Boralex continuing to operate independently and maintain its Quebec headquarters.

Analysis

Brookfield and La Caisse have agreed to acquire Boralex, a Quebec-based global renewable energy platform, in a deal valuing the company at $6.5 billion, with Brookfield acquiring a 70% stake and La Caisse increasing its ownership to 30%. Brookfield is a leading global investment firm that invests in long-life, high-quality assets, while La Caisse is a global investment group that invests in various asset classes, including infrastructure, with a focus on generating sustainable returns. Boralex operates approximately 3.8 GW of wind, solar, hydro, and battery storage assets across Canada, France, the U.S., and the UK. The transaction is expected to close by Q4 2026, with Boralex continuing to operate independently and maintain its Quebec headquarters. The acquisition will enable Boralex to accelerate pipeline development and establish a disciplined capital recycling program, with a development pipeline of 1.6 GW of advanced-stage projects and an additional 5.6 GW at mid- and early-stage.

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Counterparties