Brookfield Asset Management and La Caisse announced a take‑private transaction that will see Brookfield acquire 70 % of Boralex Inc. for $37.25 in cash per share, valuing the company at roughly $3.8 billion in equity and about $9 billion in enterprise value. The deal will add Boralex’s portfolio of roughly 3,800 MW of wind, solar, hydro and battery storage assets—over 90 % of which are secured under long‑term power purchase agreements—to Brookfield’s renewable‑energy platform. The transaction is expected to close in the fourth quarter of 2026 and will allow Brookfield to accelerate its renewable‑energy growth strategy while providing Boralex with long‑term capital and operational expertise.
Brookfield’s acquisition of Boralex is a strategic expansion that aligns with its broader renewable‑energy agenda, which includes the recent launch of the Northview Energy platform and the $20 billion Global Transition Fund II. By adding Boralex’s mature asset base, Brookfield will strengthen its position in North America and Europe, where Boralex’s assets are concentrated, and gain access to a pipeline of 8.2 GW of wind, solar and battery projects under development and construction. The deal also increases La Caisse’s stake from 15 % to 30 %, while Brookfield will own the remaining 70 %.
Boralex’s installed capacity reached 3,783 MW as of December 31, 2025, up from 3,162 MW in 2024, and its assets are backed by a weighted‑average remaining PPA term of 10–11 years. The premium offered—31.8 % over Boralex’s March 20 closing price and 36.4 % over the 30‑day volume‑weighted average price—reflects Brookfield’s confidence in the long‑term cash‑flow stability of Boralex’s portfolio. The transaction implies a valuation of roughly 13 times 2026 consensus EBITDA for the combined enterprise.
Brookfield’s market capitalization is approximately $69 billion, and its half‑year 2025 revenue reached EUR 3.66 billion, exceeding expectations by 5 %. The acquisition is expected to enhance Brookfield’s renewable‑energy portfolio, providing a diversified mix of generation assets and a robust pipeline that supports its decarbonization commitments. Boralex will maintain its headquarters in Quebec and continue operating independently post‑closing, ensuring operational continuity while benefiting from Brookfield’s global scale and capital resources.
The deal is a take‑private transaction that will allow Brookfield to integrate Boralex’s assets into its existing renewable‑energy platform, creating synergies in asset management, financing and market access. The transaction also positions Brookfield to capture growth opportunities in the transition to clean energy, while Boralex gains the financial backing and operational expertise needed to accelerate its 2030 strategic plan. The combination is expected to deliver value to both shareholders and stakeholders by expanding renewable capacity, securing long‑term PPAs and leveraging Brookfield’s global reach.
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