Boralex
Canadian renewable-energy company developing, building, and operating wind, hydroelectric, solar, and energy-storage facilities.
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Overview
Boralex is a Canadian renewable-energy producer headquartered in Montreal, Quebec. The company develops, builds, owns, and operates electricity-generating facilities using onshore wind, hydroelectricity, solar power, and energy storage. Its activities span Canada, France, the United States, and the United Kingdom, giving it a multinational operating footprint while retaining a strong Quebec origin and identity. The business emerged from the energy activities of Cascades, a Quebec company known for manufacturing and converting packaging and paper products made substantially from recycled fibres. In 1990, Cascades moved into energy production through a natural-gas cogeneration facility at Kingsey Falls and, through its Cascades Energy subsidiary, acquired Boralex, a venture originally established in 1982 by a group of businesspeople. Boralex subsequently became a separately listed renewable-energy company, with its first public share offering in 1997 helping finance acquisitions and strengthen its balance sheet. During its first decade, Boralex operated a mixed portfolio that included hydroelectric facilities, natural-gas cogeneration, and thermal generation using wood residues. The company expanded beyond Quebec through acquisitions in the United States and France. Its purchase of the La Rochette hydroelectric station in France in 1998 marked its first French asset, while the Stratton facility in Maine extended its wood-residue energy activities into the United States. By the end of 2001, Boralex had approximately 200 employees and 18 sites in Quebec, the United States, and France. Wind energy became increasingly central to the company. Boralex commissioned its first wind farm at Avignonet-Lauragais in France in 2002, entered the Canadian wind market with the Thames River project in Ontario in 2010, and later participated in the development of the Seigneurie de Beaupré wind complex in Quebec. The latter began operating in 2013 and became one of Canada's largest wind sites. Boralex's 2014 acquisition of Enel Green Power France substantially expanded its French portfolio and established the company as France's leading independent onshore-wind producer. The 2018 acquisition of the Kallista Energy Investment portfolio further increased its European development base. Boralex has also diversified geographically and technologically. In 2020 it entered the United States solar market through an agreement involving interests in seven solar farms in California, Indiana, and Alabama. Its US development pipeline subsequently included solar and storage projects, including projects selected through a New York State procurement process. In the United Kingdom, the Limekiln wind farm near Thurso in Scotland became Boralex's first operational UK facility in 2025. The company combines utility-scale generation with project development, construction, asset management, power marketing, and partnerships with public, private, and Indigenous stakeholders. Its stated strategic priorities have included growth in attractive renewable-energy markets, diversification into solar and storage, expansion of corporate power-purchase agreements and other customer relationships, and operational and financial optimization. Boralex's ownership structure changed materially in 2017 when the Caisse de dépôt et placement du Québec acquired Cascades' Class A shares in Boralex and became its principal shareholder. Boralex shares trade on the Toronto Stock Exchange under the symbol BLX.
History
Boralex's origins are connected to Cascades, a Quebec company specializing in the manufacture, processing, and marketing of packaging and paper products made largely from recycled fibres. In 1990, Cascades entered the energy sector by establishing a natural-gas cogeneration plant at Kingsey Falls, close to its head office. Through its Cascades Energy subsidiary, it acquired Boralex, a venture that had been created in 1982 by a group of businesspeople. The company's head office was initially located in Kingsey Falls. Boralex went public in 1997. The offering was intended to support acquisitions and improve the company's financial position. At the end of that year, its portfolio consisted of 11 power stations with aggregate installed capacity of 62 MW. The following year, Boralex acquired the La Rochette hydroelectric station in France, establishing its first presence in that country. It also entered the wood-residue thermal-energy market in the United States through the acquisition of the Stratton power station in Maine. By the end of 2001, Boralex had grown to approximately 200 employees and 18 facilities in Quebec, the United States, and France. Its nearly 350 MW of capacity came from a combination of hydroelectric generation, thermal generation, and gas- and wood-residue-fired cogeneration. The company began its transition toward a more explicitly renewable-focused portfolio in November 2002, when it commissioned its first wind farm at Avignonet-Lauragais in France. Boralex continued expanding in wind and hydroelectric generation during the following decade. In 2003 it acquired five small hydroelectric stations in New York State with a combined capacity of 23 MW. In Canada, it commissioned the 90 MW Thames River wind farm in Ontario in February 2010. The company also developed a major Quebec wind presence through a consortium involving Boralex, Gaz Métro Limited Partnership, now associated with Énergir, and the Séminaire de Québec. The Seigneurie de Beaupré wind farms began operations in 2013 with 272 MW of installed capacity and became one of Canada's largest wind sites. Boralex discontinued its natural-gas cogeneration operation at Kingsey Falls at the end of 2012, 22 years after the facility opened. In 2014, it acquired Enel Green Power France. The transaction included 186 MW of operating facilities, 10 MW under construction, and a further 310 MW of projects under development. This acquisition made Boralex the largest independent producer of onshore wind energy in France. In 2017, the Caisse de dépôt et placement du Québec acquired Cascades' Class A common shares in Boralex and became the company's principal shareholder, with a reported 17.3% interest at that time. The company expanded its European portfolio again in 2018 through the acquisition of the Kallista Energy Investment SAS portfolio, adding a substantial group of operating and development assets. In 2020, Boralex entered the US solar market through an agreement concerning interests in seven solar farms in California, Indiana, and Alabama. Its American development activity later included utility-scale solar and storage, including five New York solar projects totaling 540 MW of generation and 77 MW of storage selected through a New York State Energy Research and Development Authority procurement process. Boralex's strategic plan announced in 2019 emphasized four directions: growth in markets with supportive renewable-energy programs, diversification into solar and storage, new customers through corporate power-purchase agreements and other revenue sources, and optimization of operations and finances. In 2021, the company published its first corporate social responsibility report and announced the Apuiat wind partnership with the Innu Nation. In the United Kingdom, the 106 MW Limekiln wind farm near Thurso in Scotland became Boralex's first operating site in 2025. The company continues to develop and operate renewable-energy projects across its four-country platform.
- 2025
First UK operating facility
[1]The 106 MW Limekiln wind farm in Scotland became Boralex's first operational UK site.
- 2021
Apuiat partnership announced
[1]Boralex and the Innu Nation announced a proposed wind project partnership near Port-Cartier, Quebec.
- 2020
US solar-market entry
[1]Boralex announced an agreement involving interests in seven solar farms in three US states.
- 2019
Strategic plan announced
[1]Management set out priorities centered on growth, diversification, customer expansion, and operational and financial optimization.
- 2018
Kallista Energy portfolio acquired
[1]Boralex acquired the Kallista Energy Investment SAS portfolio, materially increasing its installed and development capacity.
- 2017
Caisse de dépôt et placement du Québec becomes principal shareholder
[1]The Caisse acquired Cascades' Class A common shares in Boralex and became the company's principal shareholder.
- 2014
Acquisition of Enel Green Power France
[1]The transaction made Boralex the largest independent onshore-wind producer in France and added operating, construction, and development assets.
- 2013
Seigneurie de Beaupré begins operation
[1]The Seigneurie de Beaupré wind farms began operating with 272 MW of installed capacity.
- 2010
Thames River wind farm commissioned
[1]Boralex commissioned the 90 MW Thames River wind farm in Ontario, strengthening its Canadian wind portfolio.
- 2002
First wind farm begins operation
[1]The Avignonet-Lauragais wind farm in France marked Boralex's first operating wind facility.
Products and positioning
An independent, geographically diversified renewable-energy producer and developer focused on long-term ownership and operation of wind, hydroelectric, solar, and storage assets.
Renewable electricity generation · 2002
Onshore wind power
Onshore wind is Boralex's most prominent growth platform. The company develops, constructs, owns, and operates wind farms in Canada, France, the United States, and the United Kingdom. Its portfolio includes the Seigneurie de Beaupré complex in Quebec, French wind farms, and the Limekiln project in Scotland. Wind output is sold through regulated arrangements, power-purchase agreements, and other electricity-market structures.
Renewable electricity generation · 1998
Hydroelectric power
Hydroelectricity was part of Boralex's operating base before the company became primarily associated with wind development. Its hydroelectric portfolio includes facilities in Canada, France, and the United States. The company has expanded this business through acquisitions, including the La Rochette station in France and several small stations in New York State.
Renewable electricity generation · 2020
Solar power
Boralex develops and operates utility-scale solar projects as part of its diversification beyond wind. The company entered the US solar market in 2020 through an agreement involving seven projects in California, Indiana, and Alabama. Solar is also included in the company's broader development pipeline in North America and Europe.
Electricity-storage infrastructure
Energy storage
Energy storage is a newer component of Boralex's development strategy. Storage projects are intended to complement intermittent wind and solar generation, support grid flexibility, and create additional routes to market. Boralex has pursued storage alongside solar development in the United States, including projects selected in New York procurement activity.
Energy services · 1990
Renewable-energy development and asset management
In addition to generating electricity, Boralex provides the integrated capabilities needed to identify, permit, finance, construct, operate, and optimize renewable-energy facilities. Its business model combines long-term asset ownership with development pipelines, partnerships, power contracting, and operational management across multiple jurisdictions.
Marketing campaigns
- 2021Beyond Renewable Energy corporate social responsibility program
Canada · France · United States · United Kingdom
Boralex published its first corporate social responsibility report, presenting environmental, social, and governance priorities and linking them to the United Nations Sustainable Development Goals.
Outcome. The report formalized the company's CSR framework and communicated its sustainability priorities to stakeholders.
- 2021Apuiat Indigenous partnership
Quebec, Canada
Boralex announced the Apuiat wind project in partnership with the Innu Nation. The project name refers to a paddle in Innu Aimun and symbolizes collective progress. The proposed facility would be located on Uashat mak Mani-utenam territory and public lands near Port-Cartier.
Outcome. The announced structure provided for equal sharing of project profits between the Innu communities and Boralex, together with annual royalties for host communities. The project timetable cited in the reference material targeted construction in 2022 and commissioning in 2024.
Brand decisions
2021
Apuiat wind project partnershipOtherBackground
Boralex pursued a large-scale Quebec wind project involving the Innu Nation, Uashat mak Mani-utenam territory, and public lands near Port-Cartier.
Action taken
Boralex announced a partnership under which the Innu communities and Boralex would share project profits equally, with annual royalties paid to host communities.
Aftermath
The partnership positioned Indigenous participation and benefit sharing as central features of the proposed project.
2020
Entry into the US solar marketM&ABackground
Boralex sought to diversify its US renewable-energy activities beyond its established hydroelectric and wind interests.
Action taken
The company announced an agreement to acquire interests in seven solar farms in California, Indiana, and Alabama.
Aftermath
The transaction established a platform for continued US solar development and was followed by a broader pipeline that included solar and storage projects.
2019
Four-part strategic planStrategyBackground
Management announced a plan intended to guide the company toward its stated financial objectives for 2023.
Action taken
The plan prioritized growth in attractive renewable markets, diversification into solar and storage, new customer relationships through corporate power-purchase agreements and other revenue sources, and operational and financial optimization.
Aftermath
The plan provided the framework for Boralex's subsequent expansion in solar, storage, US development, and customer contracting.
2018
Acquisition of the Kallista Energy portfolioM&ABackground
Boralex continued its European expansion after establishing a major French wind platform.
Action taken
Boralex acquired the Kallista Energy Investment SAS portfolio.
Aftermath
The transaction increased Boralex's installed and development capacity and broadened its European renewable-energy base.
2014
Acquisition of Enel Green Power FranceM&ABackground
Boralex sought to expand its French renewable-energy platform and increase its position in onshore wind.
Action taken
The company acquired Enel Green Power France, including 186 MW of operating facilities, 10 MW under construction, and 310 MW of projects under development.
Aftermath
Boralex became the largest independent producer of onshore wind energy in France.
2012
End of Kingsey Falls natural-gas cogenerationStrategyBackground
Boralex's original energy history included a natural-gas cogeneration facility at Kingsey Falls, established when Cascades entered the energy sector.
Action taken
The company terminated operations at the facility at the end of 2012, 22 years after it opened.
Aftermath
The closure marked a step away from the company's early fossil-fuel-related cogeneration activities as its portfolio increasingly centered on renewable generation.
Recent events
- Unconfirmed
Boralex acquires Wind2[3]
Boralex acquired Wind2, a UK-based developer with a portfolio of approximately 350 MW of advanced-stage wind projects. The transaction also included the integration of Wind2’s teams at its two UK offices.
Reported
Brookfield and La Caisse complete acquisition of Boralex[4]
Brookfield, together with its institutional partners including Brookfield Renewable Partners, and La Caisse (formerly CDPQ) completed the previously announced acquisition of Boralex Inc. by way of a plan of arrangement, acquiring all issued and outstanding class A common shares for $37.25 per share in cash. Boralex shares are expected to be delisted from the Toronto Stock Exchange on or about August 17, 2026, and Boralex has applied to cease being a reporting issuer.
Reported
Boralex sells Blendecques cogeneration plant to Norpaper[5]
Boralex completed the sale of its 12 MW Blendecques cogeneration plant in Northern France to Norpaper on April 30, 2021. The transfer was to take effect on May 1.
Reported
Boralex closes acquisition of interests in seven U.S. solar plants[6]
Boralex announced that it had closed its previously reported acquisition of controlling interests in seven U.S. solar plants for CA$277 million (US$215.6 million), after certain adjustments under the acquisition agreements.
Reported
Boralex completed its acquisition of Aeolis's Moose Lake Wind Farm interest[7]
Boralex announced the closing of its acquisition of Aeolis Wind Power Corporation's 30% equity interest in the Moose Lake Wind Farm in British Columbia for C$3.5 million, subject to possible additional matching under future conditions.
Reported
Boralex reports third-quarter 2019 results[8]
Boralex reported third-quarter 2019 financial results, including energy sales revenue of $92 million and EBITDA(A) of $45 million.
Sources9 sources
- 1Boralexen.wikipedia.org
- 2Boralex corporate websiteboralex.com
- 3Boralex 收购 Wind2windtech-international.com
- 4Brookfield与La Caisse完成对Boralex的收购leaderpost.com
- 5Boralex 将 Blendecques 热电联产厂出售给 Norpaperprnewswire.com
- 6Boralex完成收购美国七座太阳能电站权益prnewswire.com
- 7Boralex完成收购Aeolis持有的Moose Lake风电场权益prnewswire.com
- 8Boralex公布2019年第三季度业绩prnewswire.com
- 9Boralex acquires Wind2 in the UKenergyglobal.com
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