Artificial intelligence (AI) has turned electricity into one of the most important investment themes on the market.
The data centre boom isn’t just about chips, servers, and cloud software. It’s about power. Lots of it. Data centres need reliable electricity around the clock, and as artificial intelligence workloads grow, that demand is spreading across North America.
That’s why Boralex (TSX: BLX) looks like one Canadian power stock built for this moment.
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BLX
Boralex stock develops, owns, and operates renewable power assets across Canada, France, the United States, and the United Kingdom. Its portfolio includes wind, solar, hydro, and battery energy storage. That mix makes it more than a simple wind-power company. It gives Boralex exposure to the next stage of the power buildout, where clean generation and storage both matter.
The scale is the wow number. Boralex had 3,783 megawatts (MW) of installed capacity at the end of March 2026. It also had 8.3 gigawatts (GW) of projects in development and construction across wind, solar, and battery energy storage. For a Canadian renewable power company, that’s a serious growth runway.
The data centre link is straightforward. AI facilities need massive power supply, and many large technology companies want cleaner electricity to support their growth. Wind and solar can help meet that demand, but they don’t run at the same level every hour of the day. Battery storage helps smooth that gap by storing power when supply is high and releasing it when demand is stronger.
Boralex already has a major position in storage. Its Hagersville Battery Energy Storage Park in Ontario has 300 MW and 1,200 MW-hours of capacity. That’s exactly the kind of asset that becomes more important as the grid absorbs more renewable power and more heavy-load customers.
Into earnings
The latest results showed progress. In the first quarter of 2026, production rose 12% from last year. Operating income climbed to $92 million, up $27 million. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $174 million. Those numbers show the company is already benefiting from new site commissioning and better wind conditions, even before the full power-demand opportunity plays out.
Boralex also pays a dividend. The quarterly payout is $0.165 per share, or $0.66 annually, yielding about 2% at writing. This is more of a power-growth stock than a pure income stock. Still, the dividend gives investors some cash return while the company builds out its project base.
Looking ahead
There’s one important catch. Boralex is not trading like a normal public-market growth story right now. Brookfield and La Caisse have agreed to acquire the company for $37.25 per share in cash. Shareholders approved the deal in June, and the transaction is expected to close in the fourth quarter of 2026 if remaining regulatory and customary conditions are met.
That changes the investment case. If the deal closes, public shareholders receive cash and Boralex eventually disappears from the TSX. That means investors buying today may have limited upside if the shares already trade close to the offer price.
The risks are clear. The acquisition could face delays or fail to close, which could pressure the stock. Renewable projects can also run into permitting delays, construction costs, grid-connection issues, and financing pressure. If interest rates stay elevated, future growth can become more expensive. So, while the acquisition makes things up in the air, there is still room for growth to reach that $37.25 share price with dividends.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | ANNUAL DIVIDEND | ANNUAL TOTAL PAYOUT | FREQUENCY | TOTAL INVESTMENT |
|---|---|---|---|---|---|---|
| BLX | $36.98 | 189 | $0.66 | $124.74 | Quarterly | $6,989.22 |
Bottom line
Even so, Boralex stock is a strong example of where the data centre boom is pushing investors. The market is moving beyond chips and software toward power generation, storage, contracts, and grid reliability.
For investors, Boralex stock may not offer unlimited upside because of the pending takeover. But as a Canadian power stock built for the data centre era, it shows exactly why clean electricity and storage deserve a bigger place on every watch list.
