Global investment firm Brookfield Asset Management has acquired Canadian independent power producer (IPP) Boralex for C$9 billion (US$6.5 billion).
Both companies, as well as investment group La Caisse, which is Boralex’s current largest shareholder with nearly 15% of common shares, have entered into a definitive arrangement agreement. Brookfield will acquire 70% of Boralex’s share, while La Caisse has agreed to invest in the resulting private company, which will result in a pro forma ownership of 30%.
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Once the transaction is closed, the Canadian IPP will operate independently in its core markets of Canada, the US, France and the UK. The company currently has 3.8GW of solar PV, wind, hydro and battery energy storage assets across these markets, with more than 90% of which are contracted for an average term of 10 years.
The backing of both Brookfield and La Caisse will help the IPP accelerate the growth of its development pipeline that includes 1.6GW of advanced-stage development projects and an additional 5.6GW of mid- and early-stage pipeline.
Patrick Decostre, president and CEO of Boralex, said: “This transaction brings in the right long-term partners for Boralex as we enter an accelerated growth phase requiring significant capital deployment and financial flexibility.
“On top of its financial capacity, Brookfield alongside La Caisse, brings complementary expertise to Boralex’s skill set and will enable us to benefit from significant economies of scale and opportunities, particularly in procurement, energy commercialisation to large corporations and sharing of best practices within their different platforms.”
Before its acquisition of the Canadian IPP, Brookfield had already been expanding in the renewables field. Last year, the investment firm entered two Southeast Asian markets – the Philippines and Thailand – after the acquisition of IPP Alba Renewables. In the region, the investment firm also bought a majority stake in the Indian clean power company Leap Green Energy in 2024.
In the US, Brookfield made several acquisitions prior to its acquisition of Boralex. In 2025, it acquired the North American renewables development business of UK transmission system operator National Grid, which was rebranded from National Grid Renewables to Geronimo Power. In the region, Brookfield also bought the utility-scale renewables arm of US utility Duke Energy in 2023 and invested US$2 billion in the acquisition of Scout Clean Energy (Scout) and Standard Solar back in 2022.
Outside of North America and Asia, the other major acquisition in the past few years was French IPP Neoen, acquired for €6.1 billion (US$7 billion) in 2024.
