Canadians take Boralex stake
Caisse de dépôt et placement du Québec buys 17.3% interest in developer
Canadian pension fund manager Caisse de dépôt et placement du Québec has taken a 17.3% interest in Canadian energy company Boralex for $287.5m.
Caisse de dépôt et placement du Québec bought all the Boralex shares held by Cascades, a Canadian paper and packaging company.
As part of the deal, Caisse de dépôt et placement du Québec and Boralex have agreed to explore partnership opportunities for investing in future projects developed by the latter company.
Caisse will also appoint two independent directors to the Boralex board of directors and will have “pre-emptive rights with respect to future issuance of shares”.
Boralex chief executive 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.”
Caisse de dépôt et placement du Québec executive vice-president for infrastructure 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 Quebec.”