Boralex has obtained final court approval to proceed with its C$9bn ($6.45bn) sale to Brookfield Infrastructure Fund V and/or its affiliates and Caisse de dépôt et placement du Québec (La Caisse).
The Superior Court of Québec issued the final order under section 192 of the Canada Business Corporations Act. This followed shareholder approval of the plan of arrangement at Boralex’s annual and special meeting on 4 June 2026.
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At the meeting, the arrangement resolution passed with 99.86% of votes cast. Excluding shares held by La Caisse and those required to be excluded under Multilateral Instrument 61-101, the approval rate stood at 99.83%.
The Board of Directors of Boralex and a special committee of independent directors evaluated strategic alternatives before unanimously supporting the transaction.
Boralex is a Canadian renewable energy company listed on the Toronto Stock Exchange (TSX). It had an installed capacity of nearly 3.8GW as of 31 December 2025.
In addition, the company’s portfolio includes 8.2GW of wind, solar and battery energy storage system projects currently in development or under construction.
Under the terms of the deal, announced in March 2026, a newly formed entity, BIF Thunder Holdings, will acquire all issued and outstanding Class A common shares of Boralex at C$37.25 in cash per share. BIF Thunder is jointly owned by Brookfield and La Caisse.
The transaction’s enterprise value includes the assumption of Boralex’s debt.
Completion of the deal remains dependent on the satisfaction of customary closing conditions including receipt of regulatory approvals. If these are met, the acquisition is expected to close by the fourth quarter of 2026.
Upon completion, Brookfield and La Caisse intend to delist Boralex’s shares from the TSX and apply for the company to cease being a reporting issuer under applicable securities rules.
La Caisse, which already holds approximately 15% of Boralex, will increase its stake to 30% through a post-closing investment. Brookfield will hold the remaining equity.
Boralex will continue to operate independently and maintain its headquarters in Québec.
The buyer consortium described the deal as an opportunity to leverage Boralex’s presence across Canada, the US, France and the UK. The transaction is expected to support Boralex’s ongoing commitments in economic growth, energy security and decarbonisation.
Furthermore, it provides shareholders with immediate cash payments and aims to position Boralex for further growth as a private company.
