Boralex Inc. (TSX: BLX) said Thursday it has received a final order from the Superior Court of Québec (Commercial Division) approving its plan of arrangement with BIF Thunder Holdings Inc., the acquisition vehicle jointly controlled by Brookfield Infrastructure Fund V and Caisse de dépôt et placement du Québec, removing the last major procedural barrier to completing the take-private deal.
The court ruling came less than 24 hours after Boralex shareholders voted in favour of the arrangement at the company's annual and special meeting on June 4, 2026. BIF Thunder Holdings Inc. was newly formed for the transaction and will be co-owned by Brookfield and the Caisse, Québec's largest institutional investor, upon closing.
The dual judicial and shareholder milestones reached in rapid succession signal that the transaction — structured under section 192 of the Canada Business Corporations Act — is on track to close without material delay. Boralex has not yet disclosed a specific closing date, but both approvals are typically the final prerequisites before share consideration is disbursed to public holders.
The deal is part of a broader wave of infrastructure privatisations as yield-seeking institutional capital targets regulated and contracted renewable-energy platforms in Canada. Brookfield Infrastructure Fund V, one of the largest infrastructure vehicles in the market, has been an active acquirer of power and utility assets across North America, while the Caisse has deepened its domestic renewable exposure through direct co-investments. Boralex operates wind, solar, hydroelectric and thermal assets primarily in Canada, France and the United States, making it an attractive platform for long-duration, inflation-linked cash flows.
No revised financial guidance or updated transaction price was disclosed in Thursday's announcement. Investors and counterparties tracking the deal are directed to Boralex's prior disclosure filings on SEDAR+ for consideration details and conditions precedent that may remain outstanding ahead of closing.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.