en.Wedoany.com Reported - Canadian renewable energy company Boralex has been approved by the Quebec Superior Court to be sold to Brookfield Infrastructure Fund V and its affiliates, as well as Caisse de dépôt et placement du Québec (La Caisse), for C$9 billion (approximately US$6.45 billion).
The Quebec Superior Court issued a final order under Section 192 of the Canada Business Corporations Act. This followed shareholder approval of the arrangement plan at Boralex's annual and special meeting held on June 4, 2026.
At that meeting, the arrangement resolution received 99.86% of votes cast in favor. After excluding shares held by La Caisse and those required to be excluded under Multilateral Instrument 61-101, the approval rate was 99.83%.
Boralex's Board of Directors and a special committee composed of independent directors unanimously supported the transaction after evaluating various strategic alternatives.
Boralex is a company listed on the Toronto Stock Exchange (TSX). As of December 31, 2025, its installed capacity was nearly 3.8 GW. Its portfolio also includes 8.2 GW of wind, solar, and battery energy storage system projects, which are in development or under construction.
Under the terms of the transaction announced in March 2026, the newly formed entity BIF Thunder Holdings will acquire all issued and outstanding Class A common shares of Boralex for C$37.25 per share in cash. BIF Thunder is jointly held by Brookfield and La Caisse. The enterprise value of the transaction includes Boralex's assumed debt.
Completion of the transaction remains subject to customary closing conditions, including regulatory approvals. If conditions are met, the acquisition is expected to close in the fourth quarter of 2026. Upon completion, Brookfield and La Caisse plan to delist Boralex's shares from the Toronto Stock Exchange and apply for the company to cease being a reporting issuer under applicable securities rules.
La Caisse currently holds approximately 15% of Boralex's shares and plans to increase its stake to 30% through subsequent investments after closing. Brookfield will hold the remaining equity. Boralex will continue to operate independently and retain its headquarters in Quebec.
The buyer consortium views this acquisition as an opportunity to leverage Boralex's business presence in Canada, the United States, France, and the United Kingdom. The transaction is expected to support Boralex's ongoing commitments to economic growth, energy security, and decarbonization. Additionally, the deal provides immediate cash payment to shareholders and aims to enable Boralex's further growth as a private company.
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