La Caisse becomes major shareholder in Boralex
Aug. 2, 2017 - Renewable energy producer Boralex Inc. announced July 27 that pension manager Caisse de dépôt et placement du Québec (la Caisse) has acquired all of its shares held by recycling and packaging firm Cascades Inc. for $287.5 million.
The transfer of stock represents 17.3 per cent of the issued and outstanding Class A shares of Boralex
As part of the transaction, Boralex and la Caisse have agreed to explore partnership opportunities with respect to investing in future projects developed by Boralex.
“We wish to thank Cascades for its support since Boralex was founded in 1995...Boralex is pleased to welcome la Caisse as a new major shareholder in a transaction that will benefit the company as well as its shareholders,” said Alain Rhéaume, chairman of the Board of Directors of Boralex.
Cascades was formerly a majority shareholder in Boralex, but gradually had its ownership stake diluted to 17.3 per cent as Boralex grew over the years.
The company says that over the last several months its management undertook an in-depth assessment and evaluated alternatives to its investment in Boralex, and it arrived at the conclusion that now was the time to sell.
“We believe that in the current context, this transaction is in the best interest of Cascades and its shareholders, and that the Caisse will be an ideal partner to accompany and support Boralex in its future growth and development initiatives,” said Mario Plourde, Cascades’ president and CEO.
La Caisse says the transaction strengthens its position as one of the largest private investors in North America’s wind power sector.
“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. In addition to sharing our long-term vision, Boralex’s ability to innovate and strong operating capacity ensure the reliability of its installations and contribute to its development,” said Macky Tall, executive vice-president, Infrastructure, at la Caisse.
La Caisse will appoint two independent directors to Boralex’s Board of Directors and will have pre-emptive rights with respect to future issuances of shares. Read more here: http://www.canadianmanufacturing.com/sales-and-marketing/la-caisse-acquires-17-per-cent-stake-in-boralex-198413/
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