Renewable Energy Firm Boralex Explores Going Private
(Bloomberg) -- Canadian renewable energy firm Boralex Inc. is weighing its options including a potential deal to go private.
The Montreal-based company is working with Canadian banks to handle proposals, according to people familiar with the matter, asking not to be identified discussing confidential matters.
Boralex confirmed the Bloomberg News report Monday night, saying it had formed a special committee of the board to review strategic alternatives. Those deliberations are early and the company could still decide to remain public.
Boralex builds and operates renewable energy production sites in Canada, the US, France and the UK, including onshore wind, solar, hydroelectricity and energy storage. It had an installed capacity of nearly 3,800 megawatts as of the end of February, with a number of new projects in development.
The shares rose more than 8% on Monday in Toronto, giving Boralex a market value of around C$3.2 billion ($2.3 billion), with most of the increase coming after the Bloomberg report was published.
The stock is trading at a little more than half of its 2021 peak closing price, when industry sentiment in the run-up to Joe Biden’s presidency was high. But supply constraints, inflation and geopolitical issues during the Biden years whipsawed the renewables sectors even as installations rose. And President Donald Trump, since returning to the White House last year, has been fixed on slowing the growth of clean energy — wind power in particular.
A year ago, Caisse de Depot et Placement du Quebec agreed to take private Innergex Renewable Energy, Boralex’s biggest local rival, in a transaction worth about C$10 billion including debt. La Caisse is also the largest shareholder of Boralex with a 15% stake, according to data compiled by Bloomberg.
“It shows that the value of the listed renewable companies are depreciated today when you look to this deal,” Boralex Chief Executive Officer Patrick Decostre said in an interview in June, as the company announced plans to invest as much as C$6.8 billion to more than double its output.
(Updates with company’s confirmation of Bloomberg story in the third paragraph.)
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