Shareholders of Canadian independent power producer (IPP) Boralex have approved its acquisition by global investment firm Brookfield Asset Management.
This comes less than three months after the acquisition was announced, with shareholders approving the plan for its acquisition by BIF Thunder Holdings, a newly-formed joint venture (JV) owned by Brookfield and investment group La Caisse.
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At the time of the announcement, Brookfield noted that it would acquire 70% of Boralex’s shares, while La Caisse, which was the largest shareholder of Boralex with nearly 15% of common shares, would own the remaining 30%.
The newly formed JV will be acquiring all the issued outstanding Class A common shares of Boralex at C$37.25 (US$26.83) in cash per share.
“The favourable vote by our shareholders marks a key milestone for Boralex and confirms their support for this transaction and our strategy. We believe that this partnership with Brookfield and La Caisse will provide us with enhanced financial flexibility and greater capacity to advance our portfolio of projects and execute our strategic plan and will allow us to fully capture the opportunities driven by rapidly evolving energy demand,” said Patrick Decostre, president and CEO of Boralex.
The acquisition of the share is expected to be completed by the fourth quarter of 2026, and once completed, Brookfield and La Caisse intend to delist the shares from the Toronto Stock Exchange and make an application for Boralex to cease to be a reporting issuer under applicable securities laws.
The Canadian IPP will operate independently in its core markets of Canada, the US, France and the UK. At the end of 2025, the company had 3.8GW of solar PV, wind, hydro and battery energy storage system (BESS) assets across these markets; the operational portfolio has grown by more than 50% in the last five years. Its portfolio of projects, either in construction or in development, totals 8.2GW across solar PV, wind and BESS.
Boralex’s acquisition is the latest renewables portfolio expansion from Brookfield, which has been expanding rapidly over the past few years. Last year, the investment firm entered two Southeast Asian markets—the Philippines and Thailand—after the acquisition of IPP Alba Renewables.
Also in Asia, the investment firm bought a majority stake in the Indian clean power company Leap Green Energy in 2024, while in the US, Brookfield had made several acquisitions prior to the Boralex one. Among others, this includes the North American renewables development business of UK transmission system operator National Grid, which was rebranded from National Grid Renewables to Geronimo Power.
