La Caisse has provided $200m (€170.3m) to Boralex, as part of $250m in corporate financing the energy firm has secured.
Boralex said the capital from existing shareholder La Caisse, the Canadian investor formerly known as Caisse de dépôt et placement du Québec, was secured alongside a $50m investment by new partner Fondaction, a labour-sponsored fund based in Quebec, Canada.
Boralex has been a provider of renewable energy for over 30 years. The company is a leading producer in the Canadian market and France’s largest independent generator of onshore wind power, with additional facilities in the US and development projects in the UK.
Bruno Guilmette, EVP and CFO of Boralex, said the new corporate financing is in line with the execution of the firm’s 2030 Strategy, announced on 17 June, and allows Boralex to “mobilise resources immediately for the financing of our projects”.
Guilmette added: “We are thereby strengthening our ability to support our growth activities, by further diversifying our sources of financing, while maintaining our financial rigor. We would like to thank La Caisse and Fondaction for their confidence in our long-term strategy.”
Jérôme Marquis, managing director and head of private credit at La Caisse, said: “As a major shareholder since 2017, La Caisse supports Boralex, an independent Canadian leader in renewable energy production, in the development of a diversified portfolio of high-quality projects.
“By doubling our existing debt financing with this transaction, we reaffirm our confidence in Boralex’s execution capacity and continued growth, both in Québec and internationally.”
Claire Bisson, VP and CIO, Fondaction, said: “This impact investment in Boralex supports the development of clean energy infrastructure with tangible and measurable environmental benefits.
“It reflects Fondaction’s commitment to a sustainable economic transformation, aligned with our strategic objectives—both in the fight against climate change and in generating meaningful socioeconomic benefits for Québec.”
To read the latest IPE Real Assets magazine click here.
