Canadian pension investor La Caisse has partnered with Brookfield to acquire Boralex – a renewable energy company. The acquisition, which is now complete, will result in Boralex shares being delisted from the Toronto Stock Exchange.
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According to regulatory filings, Brookfield and La Caisse acquired all issued and outstanding class A shares at a price of $37.25 per share – with shares expected to delist from Toronto’s stock exchange shortly. The investment was structured through a La Caisse – Brookfield joint venture, BIF Thunder Holdings.
Boralex, a renewables developer, has operations across North America and Europe. The company has a presence in the UK and Canada. Boralex was also France’s first independent onshore wind power producer. By 2030, the company is looking to install 7GW of capacity.
La Caisse also agreed to invest in the private company formed as a result of the transaction. The Canadian asset owner now owns roughly 30% of Boralex.
In a statement released earlier this month, Boralex said the transaction had been approved by shareholders at a special meeting on August 4, 2026. The transaction was first announced in March this year.
According to Boralex’s disclosures at the time, the $37.25 price per share reflected a 31.8% premium over the closing price as of March 20, 2026. The enterprise value including corporate and project debt was estimated at $9bn.
“We have supported Boralex since 2017 as a shareholder and lender”, La Caisse’s executive vice-president and head of Quebec Kim Thomassin said when the transaction was first announced.
“This transaction reflects our strong confidence in this renewable energy leader that is deeply rooted in Québec and well positioned to pursue growth across North America and internationally”, she explained.
