Canadian independent power producer (IPP) Boralex and its Swiss investor partner, Energy Infrastructure Partners, have secured €1.45 billion (US$1.65 billion) in financing to support Boralex’s renewable energy business in France.
According to the firms, the refinancing will provide greater financial flexibility to execute its growth strategy in France while streamlining capital deployment across its operating assets and development pipeline. EIP owns a 30% stake in Boralex’s French operations.
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Boralex described the transaction as “one of the largest debt financings completed for a renewable energy platform in Europe this year”.
The package comprises an €811 million (US$924 million) term loan for existing operating assets and a €450 million (US$512 million) capital expenditure facility with a 22-year tenor to finance new projects. It also includes a €100 million (US$113 million) revolving credit facility with a seven-year tenor, alongside debt service reserve and VAT facilities worth a combined €92 million (US$104 million).
“This financing establishes a flexible platform with centralised liquidity, strengthening our ability to execute projects efficiently, reduce execution risk, and support scalable growth,” said Boralex executive vice president and chief financial officer Philippe Bonin.
The financing was backed by a syndicate of 10 banks, including several long-standing financial partners and new lenders joining the platform. Boralex said the move to a single financing platform will improve operational efficiency and strengthen its ability to scale its French renewable energy portfolio.
Rothschild & Co acted as financial adviser to Boralex on the transaction, while A&O Shearman served as legal counsel.
France is Boralex’s largest international market, where the company is the country’s biggest independent producer of onshore wind power. Across its global operations in Canada, France, the US and the UK, Boralex had 3,783MW of installed capacity as of 31 March 2026, following capacity growth of more than 50% over the past five years.
The IPP’s development and construction pipeline currently totals 8.3GW across solar PV, wind and battery energy storage system (BESS) projects.
Last month, Boralex shareholders approved the Canadian IPP’s acquisition by Brookfield Asset Management.
As per the agreement, Brookfield acquired Boralex through BIF Thunder Holdings, a joint venture owned 70% by Brookfield and 30% by investment group La Caisse, with all outstanding Class A common shares to be acquired for C$37.25 (US$26.83) per share in cash.
