Wind Investor Takes Stake In Canadian Developer Boralex

Posted by Betsy Lillian on July 27, 2017 No Comments
Categories : New & Noteworthy

Caisse de depot et placement du Quebec (la Caisse) has acquired a 17.3% interest in Quebec-based Boralex, which develops, builds and operates renewable energy facilities in Canada, France and the U.S.

La Caisse acquired all of the Class A common shares of Boralex held by Cascades Inc., representing 17.3% of the outstanding shares for the amount of C$287.5 million.

As part of the transaction, Boralex and la Caisse have agreed to explore partnership opportunities with respect to investing in future projects developed by Boralex.

Boralex says la Caisse, one of the largest private investors in North America’s wind power sector, will appoint two independent directors to Boralex’s board of directors and will have preemptive rights with respect to the future issuance of shares (subject to customary exceptions).

“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 Quebec,” says Macky Tall, executive vice president of infrastructure at la Caisse.

“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,” adds Alain Rhéaume, chairman of Boralex’s board of directors.

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