Brookfield Perspectives · Sep 24, 2026
With Esper Nemi, Managing Director, Investments at Brookfield
Boralex has more than 80% of its cash flows contracted over the next decade, and its shares were trading near 5-year lows when Brookfield announced its deal to buy 70% of the company.
A listed company has to keep paying its dividend while it funds growth. Esper Nemi said Brookfield's bid was built on removing that constraint, paying shareholders a premium and putting more money into Boralex's development pipeline.
"And today, the environment is one where energy addition is the key."
Esper Nemi, a managing director in Brookfield's investments team who has covered North American energy and renewable power for the firm since 2019, on Brookfield Perspectives, helped put the Boralex deal together.
The full episode is covered here so you can skip it.
Here are the 9 takeaways that matter.
Key Takeaways
Boralex is highly contracted, with more than 80% of cash flows locked in over the next decade
Brookfield is buying 70% of Boralex and La Caisse is raising its stake to 30%
Boralex's share price was near 5-year lows before the deal, which let Brookfield offer a premium
Renewables win now because they are low cost and quick to build, though gas and nuclear still matter in some markets
Quebec and France are hard markets to enter, which gives Boralex's existing wind farms scarcity value
Repowering old French wind farms is the growth plan Brookfield likes most
Boralex has completed, or is completing, five of them
1. Who Boralex Is
The host introduced Boralex as a renewable power developer, owner and operator with a leading wind base in Quebec and France, plus hydro, solar and battery storage.
Nemi described a large, mostly contracted power producer
"I'd say Boralex is a large independent power producer." — Esper Nemi
He said it has almost 5 gigawatts of operating and under-construction assets and a 9-gigawatt development pipeline across North America and Europe. Its home base is Canada, it holds a leading position in France, and it is growing in the US and building a development pipeline in the UK.
"The business has over 80% of cash flows contracted over the next decade, 12-year weighted average contract life." — Esper Nemi
It has more than 800 employees and can do much of its own operations, development and finance work, he said.
