Boralex to go Private in CAD 9 Billion Deal
Canada-headquartered renewable energy company Boralex has agreed to be acquired by Brookfield and La Caisse in a transaction valued at about CAD 9 billion. Under the deal, shareholders will receive CAD 37.25 per share in cash, representing a premium of around 31.8% to the March 20 closing price on the Toronto Stock Exchange. Boralex says this acquisition will enable it to transition from a publicly traded firm to a privately held company backed by long-term investors. The company said the move will support its 2030 growth strategy and help accelerate development of renewable energy projects across its core markets in Canada, the US, France, and the UK. Boralex currently has around 3.8 GW of wind, solar, hydro, and battery energy storage assets. More than 90% of this capacity is contracted for an average term of 10 years. Additionally, it is also advancing a close to 300 MW portfolio of projects under construction or ready-to-build, along with 750 MW of secured projects.
“With backing from Brookfield and La Caisse, Boralex will be able to accelerate the development of its project pipeline including ~1,600 megawatts of advanced-stage development projects, and an additional ~5,600 megawatts of mid- and early-stage pipeline located in strategic markets,” stated the company. Following the completion of the deal by Q4 2026, Brookfield will own about 70% of the company while La Caisse will increase its stake to roughly 30% from 15%.
Zelestra Secures $600 Million Credit Facility for Texas Solar Plants
Renewable energy company Zelestra has secured a $600 million green project financing credit facility from Société Générale and HSBC. It will use the proceeds to support the development of 2 solar projects in Texas – the 252 MW Echols Grove and 187 MW Cedar Range solar projects. Both are currently under construction and backed by long-term power purchase agreements (PPAs) with Meta Platforms. The 2 projects are the largest developed by Zelestra in the US to date and form part of a broader partnership between Zelestra and Meta, covering 7 projects with a combined capacity of about 1.2 GW. Zelestra said the financing reflects strong lender confidence and will support its expanding renewable energy portfolio in the US, where it is developing around 15 GW of projects.
EDPR Secures Offtake for 250 MW; Launches 150 MW Project
EDP Renováveis (EDPR), a wind and solar power generation company, has secured a long-term offtake agreement with a global technology company for the electricity generated by a 348 MW DC/250 MW AC solar project in Arkansas, US. The agreement supports EDPR’s expansion in North America. The company said this reflects its strategy of securing long-term revenue through partnerships with major technology companies supplying clean energy to data centers.
In related news, another EDP group company, EDP Renewables North America (EDPR NA), recently completed the 150 MW Pleasantville Solar project in Fulton County, Illinois. The project is expected to generate enough electricity to meet the annual demand of more than 39,500 homes and businesses. Its full output is contracted under a long-term PPA with Microsoft.
Linea Energy Closes Financing for 172 MW Michigan Solar Project
US-based renewable energy developer and independent power producer (IPP) Linea Energy has reached financial close for the 172 MW DC Watertown utility-scale solar project. Located in Sanilac County, Michigan, the project has entered a 25-year PPA with Consumers Energy. The project is currently under construction and is expected to begin supplying electricity to the Midcontinent Independent System Operator (MISO) market in April 2027.
Over the next 20 years, the project is projected to generate around $16.4 million in local property tax revenue and support about 150 construction jobs, stated the company. The financing package includes a construction-to-term loan, tax equity bridge loan, and a letter of credit facility, led by Santander Corporate & Investment Banking with participation from Société Générale, NORD/LB, and Truist Bank.
Doral Advances 430 MW Solar + Storage Project
Doral Renewables, the US-based utility scale solar and storage projects developer, has reached financial close for the Cold Creek Solar + Storage project. The project in Schleicher and Tom Green counties in Texas will combine 430 MW AC of solar generation with 340 MWh of battery storage. It is expected to produce enough electricity to power nearly 66,000 homes.
Construction on site has started following the issuance of a notice to proceed. Commercial operations are anticipated in summer 2028. MUFG served as lead arranger for the financing, with Santander, HSBC, Ally, and IDB participating as lenders.
The financing package includes more than $400 million in construction-to-term debt, around $35 million in tax equity bridge financing, and about $55 million in letters of credit. The project will also monetize approximately $360 million in production tax credits through a 10-year tax credit transfer agreement with an investment-grade corporate buyer. This is the company’s largest project to reach construction financing after the 1.3 GW Mammoth Solar complex in Indiana. The company touts nearly 18 GW of solar and storage projects in development across the US.
Google Locks in 400 MW Texas Solar Deals with Sunraycer
Sunraycer Renewables, a Crayhill Capital Management portfolio company, has signed 2 long-term PPAs with Google for the Lupinus and Lupinus 2 solar projects in Texas. The agreements for the projects in Franklin County will support the development of the approximately 400 MW AC Lupinus solar portfolio. It is expected to reach commercial operation in Q4 2027. The PPAs were executed through LevelTen Energy’s Accelerated Process (LEAP). Sunraycer says once the projects are operational, the solar facilities will add new renewable capacity to the ERCOT grid to help meet growing electricity demand in Texas.
LEGO’s US Factory to Run on Solar Energy
LEGO Group has unveiled plans to power its Virginia, US, manufacturing facility with solar energy. It plans to install more than 30,700 solar panels (22 MW) across 80 acres, along with 10,800 panels (6.11 MW) on the rooftop. The solar park is currently under construction at Chesterfield and is scheduled to start generating power this summer. The Denmark-headquartered company said its Virginia fab will increase its use of renewable energy through on-site solar generation while continuing to look for solutions to meet remaining energy needs.
ZNSHINE to power 185 MW Cherry Valley I solar plant
ZNSHINE Solar will supply 155.735 MW of solar PV modules for the 185.035 MW DC/135 MW AC Cherry Valley I PV Project in Arkansas, US. The project, located in Cherry Valley, is scheduled to be commissioned on April 22, 2026. The project reached financial close on February 21, 2025, through non-recourse financing and term loans provided by U.S. Bank. Alongside ZNSHINE, Hounen Solar will supply 29.3 MW of modules, while Sungrow will provide inverters. The solar project is being developed by Adapture Renewables and TED Renewables, with SOLV Energy providing EPC services.
