On February 24, 2022, Boralex Inc., a leader in renewable energy, signed an agreement for Energy Infrastructure Partners (EIP) to invest in a 30% stake in Boralex's French assets and development pipeline. Expected to close in the first half of 2022, the transaction values Boralex's operations in France at €1,718M ($2,474M CAD) pre-money, equating to an enterprise value to EBITDA(A) 2021 multiple of 20.3. Upon completion, Boralex will receive €532M ($766M CAD) in cash proceeds, partly reinvested in its French operations through a capital increase.

This strategic partnership includes 1.1 GW of operational assets in France and a 1.5 GW development portfolio. In 2021, these operations generated an EBITDA(A) of €134M ($193M CAD). Boralex remains the majority shareholder, retaining a 70% stake and management control over its French assets, encompassing over 1 GW of capacity across nearly 70 sites. The partnership aims to strengthen Boralex's market position and support its growth objectives, targeting an increase in installed capacity to 1.8 GW by 2025 and 3 GW by 2030 in France.

Legal guidance for the transaction was provided by law firm Kaufhold & Reveillaud Avocats, with financial advisors Lazard, Accuracy, KPMG Canada, and technical advisors EPILOGUE Avocats, Mott MacDonald, and Everoze. This deal aligns with Boralex's long-term vision for development in wind, solar power, and storage, and underscores EIP's recognition of Boralex's integrated operations and development capabilities in the French renewable energy market.