Canadian renewable energy firm Boralex has closed $250 million in additional corporate financing through an unsecured subordinated loan with an eight-year term, the company said on Monday.
The funding consists of a $200 million investment from La Caisse (formerly CDPQ), a longstanding shareholder, and a $50 million contribution from a new partner, Fondaction. The loan matures on June 27, 2033.
“This new corporate financing is in line with the execution of our 2030 strategy, announced on June 17, and allows us to mobilise resources immediately for the financing of our projects,” said Bruno Guilmette, Executive Vice President and Chief Financial Officer of Boralex. “We are thereby strengthening our ability to support our growth activities, by further diversifying our sources of financing, while maintaining our financial rigour.”
The investment will help Boralex accelerate the development of its renewable energy portfolio in line with its strategic growth plan, which targets increased capacity and geographic expansion by 2030.
“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,” said Jérôme Marquis, Managing Director and Head of Private Credit at La Caisse. “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.”
La Caisse has outlined plans to reach $400 billion in climate-related investments by 2030, as part of its 2025–2030 climate strategy focused on decarbonisation and the energy transition.
Fondaction, which joins as a new financial partner, described the deal as aligned with its sustainability goals. “This impact investment in Boralex supports the development of clean energy infrastructure with tangible and measurable environmental benefits,” said Claire Bisson, Vice President and Chief Investment Officer at Fondaction. “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 socio-economic benefits for Québec.
Desjardins Capital Markets served as financial advisor to Boralex on the transaction.
