Boralex (BLX) finished up 9% after Bloomberg reported the company was exploring a potential go-private transaction, roughly one year after Innergex (INE) was taken out for ~$10B. Using the same ~12x multiple it went for…

… would represent ~25% upside from current prices, which could have more juice given the relative stability of Boralex’s wind-heavy portfolio. That’s worked against it lately…

… with renewable IPPs falling out of favour as investors pile into gas names, who sit closer to the data center thematic.

But cash flow is cash flow, and CDPQ (15% owner) likely sees an opportunity to recycle the Innergex playbook - consolidating two Quebec-heavy power producers.