Caisse acquires Cascades’ stake in Boralex for $287.5 mln

Caisse de dépôt et placement du Québec has acquired all of the Class A common shares of Boralex Inc (TSX: BLX) held by Cascades Inc for $287.5 million. The purchase represents 17.3 percent of the outstanding shares of Boralex, a Kingsey Falls, Québec-based developer, builder and operator of wind and other renewable energy power facilities. It entitles the Canadian pension fund to appoint two board members and have pre-emptive rights concerning future share issuances. As part of the deal, Boralex and the Caisse agreed to explore project investment opportunities. Founded in 1995, Boralex is led by President and CEO Patrick Lemaire.


La Caisse acquires a 17.3% interest in Boralex Inc.

MONTRÉAL, July 27, 2017 /CNW Telbec/ – Boralex Inc. (“Boralex” or the “Company”) (TSX: BLX) announced today that Caisse de dépôt et placement du Québec (“la Caisse”) has 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 $287.5 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.

“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,” said Alain Rhéaume, Chairman of the Board of Directors of Boralex.

“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,” said Patrick Lemaire, President and Chief Executive Officer of Boralex.

“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,” added Macky Tall, Executive Vice-President, Infrastructure, at la Caisse.

The transaction completed today 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.

About Boralex

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. Boralex’s shares and convertible debentures are listed on the Toronto Stock Exchange under the ticker symbols BLX and BLX.DB.A, respectively. More information is available at or

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2016, it held $270.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private credit. For more information, visit, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

For further information: Media (Boralex): Julie Lajoye, Advisor, Public Affairs and Communications, Boralex Inc., Office: 514 985-1327, Cell: 514 623-4197,; Investor Relations (Boralex): Marc Jasmin, Investor Relations, Boralex Inc., 514 284-9868,; Media (Caisse de dépôt et placement du Québec): Jean-Benoît Houde, Senior Advisor, Media Relations, 514 847-2571,

Photo courtesy of Boralex Inc