Boralex sees court approve Brookfield-La Caisse deal
Boralex clears final court hurdle as Brookfield‑Caisse buyout inches toward Q4 close, shares locked near deal price
On June 5, 2026, Boralex announced that the Superior Court of Quebec granted a final order approving its statutory plan of arrangement with BIF Thunder Holdings Inc., a newly formed entity jointly owned by Brookfield Infrastructure Fund V and La Caisse de dépôt et placement du Québec. The court approval follows overwhelming shareholder support (99.86% of votes) obtained on June 4, 2026. The transaction, which values each Boralex common share at C$37.25 in cash, remains subject to key regulatory approvals and other customary closing conditions. Management expects the arrangement to close in Q4 2026. Once completed, Boralex will be delisted from the Toronto Stock Exchange and cease to be a reporting issuer.
The court approval is a necessary procedural milestone toward consummating the previously announced privatization. However, the market has already priced the outcome since the definitive agreement was disclosed on March 25, 2026. The stock surged from C$28.26 to C$36.62 immediately after that announcement and has since traded in a narrow range between C$36.55 and C$37.00 – effectively reflecting the C$37.25 offer with a small discount for time and residual closing risk. Therefore, the June 5 court order does not contain any new economic or pricing information. It is a predictable, expected step that does not alter the value proposition for shareholders. The material impact is negligible; the news is incremental and entirely in line with the known timeline.
Boralex Inc. is an independent power producer focused on renewable energy. Its portfolio consists of approximately 3,800 MW of operating wind, solar, hydro, and battery storage assets, predominantly under long‑term power purchase agreements. It also holds a significant development pipeline: about 300 MW under construction/ready‑to‑build, 750 MW secured, 1,600 MW advanced, and 5,600 MW mid‑/early‑stage. Geographically, the company operates in Canada (Québec, Ontario), the United States, France, and the United Kingdom. The flagship project within the recent news flow is the 300 MW/1,200 MWh Hagersville Battery Energy Storage Park, Canada’s largest operating battery storage facility, commissioned in February 2026. Additionally, the 125 MW/500 MWh Oxford BESS project is under construction with a C$202 million green financing secured. The Apuiat 200 MW wind farm (50% owned by Boralex) in Québec achieved commercial operation in October 2025, demonstrating a strong partnership with Indigenous communities.