Brookfield, La Caisse acquiring Canada’s biggest BESS developer in $6.5 billion deal

Brookfield and La Caisse is set to acquire Boralex in a CAD 9 billion ($6.5 billion) deal that comes with a promise to ramp up investment in the global renewables and energy storage developer.

The company’s largest existing shareholder La Caisse – which holds approximately 15% of outstanding common shares – has agreed to vote in favor of the transaction and to make a post-closing investment in the business that will take its interest to 30%, with Brookfield acquiring the remaining 70%. Boralex is expected to continue operating independently when the transaction is complete.

Announcing the deal, Boralex said the acquisition will strengthen the company’s position in core market by accelerating development, expanding capabilities and through a “disciplined capital recycling program.”

Quebec-based developer Boralex has commissioned major utility-scale BESS projects in Canada and the United Kingdom, including the 300 MW/1,200 MWh Hagersville BESS in Ontario. The company’s development pipeline includes the 1.6 GWh Lennox project, also in Ontario.

Energy storage is just one arm of Boralex’s global clean energy portfolio. Company financial results to the end of 2025 report a portfolio of projects in development and construction of 8.2 GW across wind solar and BESS projects

Wind projects account for the lion’s share of Boralex’s portfolio of commissioned generation assets, however the company’s website lists 16 large-scale solar projects currently in operation across Europe and the United States with a combined deployed capacity of 264 MW.

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

Patrick Decostre, president and CEO of Boralex said the transaction brings the “right long-term partners” for the business as the developer enters an accelerated growth phase requiring “significant capital deployment” and financial flexibility.

“On top of its financial capacity, Brookfield alongside La Caisse, brings complementary expertise to Boralex’s skill set and will enable us to benefit from significant economies of scale and opportunities, particularly in procurement, energy commercialization to large corporations and sharing of best practices within their different platforms,” Decostre said.

Boralex shareholders are set to receive $37.25 in cash per common share, representing a 31.8% premium over the March 20, 2026 closing price on the Toronto stock exchange and a 36.4% premium over the 30-day volume-weighted average price for the period ending March 20, 2026, the last full day of trading prior to the first media report of a strategic review of alternatives.

The transaction is expected to close by the fourth quarter of 2026, subject to regulatory and shareholder approvals.