La Caisse Continues to Boost Renewable Investments, Doubles Stake in Boralex

In the latest in a string of alternative energy investments, Canadian pension giant La Caisse is doubling its stake in renewable energy producer Boralex Inc. to 30%. The increase was part of an acquisition valued at C$9 billion ($6.5 billion) led by investment firm Brookfield, which will own the remaining 70%. 

Under terms of the deal, announced last week, Boralex shareholders will receive C$37.25 in cash per common share, a 31.8% premium over the closing price on the Toronto Stock Exchange on March 20, the last full trading day before the acquisition was made public. The acquisition is expected to close during the fourth quarter of 2026. 

It was the fourth acquisition of, or investment in, renewable energy companies by the C$517 billion ($378 billion) pension giant over the past year.  

In September 2025, La Caisse announced an agreement to acquire Australian renewable energy and battery storage provider Edify Energy for C$1 billion, the equivalent of $725 million at the time. The acquisition included two ready-to-build solar and battery energy storage system projects in Australia, totaling 900 megawatts and 3,600 megawatt hours, for Australia and mining company Rio Tinto. It will also support the company’s pipeline of more than 11 gigawatts in power projects. 

In July 2025, La Caisse completed its acquisition and privatization of Quebec-based Innergex. Under the terms of the agreement, Innergex’s shareholders received C$13.75 in cash per share in a deal worth C$10 billion. Also in July 2025, the pension fund made a $200 million primary equity commitment to Renewa, a renewable energy land financing company. La Caisse said Renewa owns the land or holds a ground lease under more than 140 major renewable energy assets, largely in the U.S.