Boralex has secured a €229m unsecured subordinated loan to accelerate the execution of its 2030 Strategy, with €183m provided by La Caisse, formerly CDPQ, and €46m from new partner Fondaction. The loan, maturing in June 2033, strengthens Boralex’s ability to mobilise capital for its development pipeline of 8 GW in renewable energy assets, including wind, solar and storage across Europe and North America.
The financing comes just weeks after Boralex publicly announced its long-term strategic vision and signals strong institutional confidence in its growth trajectory and operational discipline. The funding will not only sustain its geographic expansion but enhance financial flexibility at a time when capital markets are still adjusting to high-rate volatility and green transition pressures.
"This new corporate financing is in line with the execution of our 2030 Strategy, announced on June 17, and allows us to mobilize resources immediately for the financing of our projects," said Bruno Guilmette, Executive Vice President and Chief Financial Officer at Boralex. "We are thereby strengthening our ability to support our growth activities, by further diversifying our sources of financing, while maintaining our financial rigor."
The €229m deal positions Boralex well to capitalise on upcoming project tenders and infrastructure development opportunities in Québec, the UK, and France, where demand for renewable-ready land parcels is increasing. A key factor likely to appeal to developers is that the loan is non-amortising and repayable at maturity, offering project-by-project capital deployment without restrictive early repayment requirements.
"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."
Desjardins Capital Markets served as financial advisor to Boralex. With over 3.2 GW of operational capacity and a CSR-first approach, Boralex continues to attract long-term ESG-aligned capital. The firm's strategic outlook aligns with La Caisse’s €273bn commitment to climate investments by 2030 and Fondaction’s ambition to fuel a more inclusive and sustainable economy.
People mentioned:
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Bruno Guilmette, Executive Vice President and Chief Financial Officer, Boralex
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Jérôme Marquis, Managing Director and Head of Private Credit, La Caisse
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Claire Bisson, Vice President and Chief Investment Officer, Fondaction
Companies mentioned:
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Boralex – Renewable energy producer, loan recipient
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La Caisse (formerly CDPQ) – Lead investor, €183m loan
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Fondaction – New investor, €46m loan
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Desjardins Capital Markets – Financial advisor to Boralex
Image Source: Photo by Karsten Würth on Unsplash
