The Globe and Mail reports in its Wednesday edition that Boralex is considering a deal to go private as part of a strategic review process, increasing speculation that Quebec's largest pension fund manager could emerge as a suitor. The Globe's James Bradshaw and Andrew Willis write that Boralex confirmed that its board formed a special committee, which will review options. Boralex shares rose 7.5 per cent to $33 on the Toronto Stock Exchange on Tuesday, giving it a market value of $3.16-billion. The Caisse de dépôt et placement du Québec, which manages $517-billion, is Boralex's largest shareholder, with a 15-per-cent interest currently worth about $474-million. Last year, the Caisse acquired one of Boralex's rivals, Innergex, in a deal worth $10-billion including assumed debt. Pension plans and other institutional investors are acquiring renewable power producers because they value the predictable cash that flows from long-term contracts with dependable customers such as utilities. Innergex and Boralex are clean energy leaders in Canada, and a possible merger has been mooted. National Bank Financial analyst Baltej Sidhu said the Caisse "stands out as a candidate," and a merger could yield significant cost savings.