Boralex Secures $250M From La Caisse and Fondaction

Key Takeaways

Sector: Energy Infrastructure & Renewables.
Geography: Canada.

Analysis

Boralex Inc. has secured $250 million in unsecured subordinated financing to advance its renewable energy expansion strategy, with La Caisse providing $200 million and Fondaction contributing $50 million. The eight-year loan, maturing in June 2033, strengthens Boralex’s financial foundation as it accelerates project development in Canada and abroad.

The funding comes shortly after Boralex unveiled its 2030 Strategy, which outlines a roadmap to scale its clean energy footprint. The loan, which will pay interest semi-annually and be repaid in a lump sum at maturity, offers flexibility to fund long-term growth initiatives while diversifying financing sources.

Bruno Guilmette, Executive Vice President and CFO of Boralex, emphasized that the financing supports immediate capital mobilization for ongoing and upcoming clean energy projects. “We’re reinforcing our financial agility while maintaining discipline,” he stated, thanking La Caisse and Fondaction for their trust.

La Caisse, which became a key shareholder in Boralex in 2017, is doubling its debt exposure through this investment. Jérôme Marquis, Managing Director and Head of Private Credit at La Caisse, said the move reflects continued support for Boralex’s ability to execute and expand its diversified portfolio of renewable energy assets in Québec and internationally.

The investment aligns with La Caisse’s 2025–2030 climate strategy, which targets $400 billion in climate investments by the end of the decade. The firm aims to fast-track decarbonization initiatives and energy transition financing globally.

Fondaction’s participation in the financing marks its first with Boralex and underscores its impact investment mandate. According to Claire Bisson, Vice President and CIO, the partnership aligns with Fondaction’s mission to support projects that deliver both environmental and socioeconomic benefits to Québec. “Boralex’s work directly reflects our goals in sustainable transformation and climate resilience,” she said.

Desjardins Capital Markets acted as financial advisor to Boralex on the transaction.

The new funding further cements Boralex’s position as a Canadian leader in renewable energy production, empowering it to scale clean infrastructure across North America and Europe at a critical moment in the global energy transition.