10:51 AM EDT, 06/16/2025 (MT Newswires) -- National Bank of Canada has an Outperform rating on each of Boralex ( BRLXF ) (Target C$42), Northland (Target $30) and Brookfield Renewable Partners (Target US$30) as it published a read through for companies in its coverage after Ontario unveiled its 'Energy For Generations' plan.

For Boralex ( BRLXF ) and Northland Power (NPI.TO), National Bank said the province's first fully integrated energy strategy across electricity, natural gas, hydrogen, storage and other fuels is a "positive step" that offers strong growth opportunities for Boralex ( BRLXF ) and Northland Power.

While Brookfield Infrastructure Partners (BIP-UN.TO) has not identified Canada as one of its core growth markets, National Bank added that company's global scale means it should similarly benefit from Ontario's commitment to accelerating energy infrastructure and the ongoing competitive procurement processes.

National's noted both Boralex ( BRLXF ) and Northland Power had expressed intentions to participate in the upcoming LT2 and 1.6 GW capacity bids and are "well positioned to benefit from enhanced First Nations partnerships and expedited project timelines, given their successful track records in this area".

According to National, the plan's emphasis on battery storage aligns with both companies' experience -- Boralex ( BRLXF ) with Hagersville and Tilbury, and Northland with Oneida, where NPI highlights further opportunities are possible (incl. adjacent geographies). Both are likely to leverage their current expertise and learning to capitalize on future battery storage opportunities, the bank said.

Northland also stands to gain from Ontario's recognition of natural gas as a transition fuel, "NPI knows gas", with about 1 GW of Canadian natural gas projects in its development pipeline, National Bank said.

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