Caisse de dépôt et placement du Québec (La Caisse), a Canadian institutional investor has acquired a 17.3% stake in Boralex for $287.5m.
With the acquisition, Boralex and La Caisse have agreed to partner and explore opportunities in the renewable energy sector.
The two companies will invest in projects to be developed by Boralex as part of its growth strategy.
Boralex is an independent producer and operator of renewable power facilities across Canada, the US and France. Boralex operates wind power, hydropower and solar facilities.
With a major presence in the Canadian renewable energy segment, Boralex claims to the largest independent producer of onshore wind power in France.
In January, Boralex acquired Enercon Canada’s entire economic interest in the 230MW Niagara Region wind farm in Ontario province, Canada. It had also purchased 200MW of wind power projects in France and Scotland in September last year.
Boralex president and CEO Patrick Lemaire said: "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.”
la Caisse Infrastructure Executive Vice-President Macky Tall said: "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."
The transaction enables La Caisse to boost its position as one of the largest private investors in North American wind power sector.
Image: La Caisse acquires stake in Boralex. Photo: Courtesy of Claire Muldoon/FreeImages.com.