La Caisse acquires a 17.3% interest in Boralex

Boralex has announced that Caisse de dépôt et placement du Québec has acquired all of the Class A common shares of Boralex held by Cascades representing 17.3% of the outstanding shares for the amount of CAD287.5 million (US$228.4 million).

As part of the transaction, the Company and la Caisse have agreed to explore partnership opportunities with respect to investing in future projects developed by Boralex that are in line with its growth strategy. 

The transaction completed strengthens la Caisse’s position as one of the largest private investors in North America’s wind power sector.

La Caisse will appoint two independent directors to Boralex’s Board of Directors and will have pre-emptive rights with respect to future issuances of shares, subject to customary exceptions.

Alain Rhéaume, Chairman of the Board of Directors of Boralex, said:

“We wish to thank Cascades for its support since Boralex was founded in 1995. Bernard Lemaire’s vision has allowed Boralex to become a leader in the Canadian renewable energy industry and France’s largest independent producer of onshore wind power. Boralex is pleased to welcome la Caisse as a new major shareholder in a transaction that will benefit the company as well as its shareholders.” 

Patrick Lemaire, President and Chief Executive Officer of Boralex, stated:

“To have la Caisse come in as principal shareholder reflects the trust it puts in the business model and know-how of Boralex. We intend to work with la Caisse to develop growth opportunities through its financial capabilities, expertise and international network.”

Macky Tall, Executive Vice-President, Infrastructure, at la Caisse, added:

“This stake in Boralex is an opportunity for us to invest in both a promising sector and high-quality assets, many of which are in Québec. In addition to sharing our long-term vision, Boralex’s ability to innovate and strong operating capacity ensure the reliability of its installations and contribute to its development. It has played an important role in the growth of this Québec-based company, both here and in global markets.”

Boralex develops, builds and operates renewable energy power facilities in Canada, France and the United States. A leader in the Canadian market and France's largest independent producer of onshore wind power, the Corporation is recognized for its solid experience in optimizing its asset base in four power generation types — wind, hydroelectric, thermal and solar. Boralex ensures sustained growth by leveraging the expertise and diversification developed over the past 25 years.