Brookfield, Caisse to Acquire Boralex in $6.5 Billion Deal
(Bloomberg) -- Brookfield Asset Management Ltd. and Caisse de Depot et Placement du Quebec agreed to acquire Canadian renewable energy firm Boralex Inc. for C$9 billion ($6.5 billion) including debt.
The buyers will pay C$37.25 in cash for Boralex, implying an equity value of C$3.8 billion, according to a statement Wednesday that confirmed an earlier Bloomberg News report that the company was considering a sale.
The offer represents a 32% premium to the closing price on March 20, the last full day of trading before the Bloomberg story.
Boralex shares were up almost 11% to C$36.57 at 12:32 p.m. in Toronto.
The Montreal-based company builds and operates renewable energy production sites in Canada, the US, France and the UK. It currently has about 3,800 megawatts of onshore wind, solar, hydroelectricity and energy storage assets.
Its shares had declined along with other renewable-energy players due to a combination of supply constraints, cost inflation, elevated interest rates and US President Donald Trump’s campaign against clean energy projects, particularly wind. The price being offered by Brookfield and La Caisse is about 33% below where the stock was in early 2021.
The deal “brings in the right long-term partners for Boralex as we enter an accelerated growth phase requiring significant capital deployment and financial flexibility,” Chief Executive Officer Patrick Decostre said in the statement.
In June, the company announced plans to invest as much as C$6.8 billion to more than double its output. It has a pipeline of 1,600 megawatts of advanced-stage development projects, and an additional 5,600 megawatts of mid- and early-stage projects.
La Caisse is already Boralex’s largest shareholder with a 15% stake, and will increase its ownership to 30%. Brookfield will control the remaining 70%.
Brookfield has been deploying increasing amounts of money in clean energy in recent years, including via deals for companies such as the French renewable energy developer Neoen.
The acquisition “is consistent with recent Brookfield messaging that publicly traded renewable independent power producers offer more attractive valuation than private opportunities,” TD Cowen analyst Sean Steuart said in a note to investors. It’s not a “transformational initiative” for Brookfield Renewable Partners, but it is “an attractive add-on” by increasing its footprint in Canada and France, he added
A year ago, La Caisse agreed to take private Innergex Renewable Energy, Boralex’s biggest local rival, in a transaction worth about C$10 billion including debt.
“We believe that growing demand is creating plenty of opportunities for these two major players,” La Caisse said about its ownership in both companies. “Our priority is to maintain Quebec’s leadership in renewable energy production.”
National Bank of Canada and Royal Bank of Canada acted as financial advisers for Boralex.
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