The Caisse de dépôt et placement du Québec, the Montreal-based pension investment giant with C$159bn (€128bn) under management, has bought just over 10% of renewable energy firm Innergex for C$98.9m (€79.7m)
The Caisse, which manages assets for Québec’s public pension and insurance plans, bought just over 9.6m shares in Innergex Renewable Energy in a private placement.
Toronto-listed Innergex, founded in 1990, runs hydroelectric, wind and solar projects in Québec, Ontario, British Columbia and Idaho in the US with a total net generating capacity of 2,904MW.
The investment comes just after the company announced it had bought 70% of The Magpie hydroelectric station in northeastern Québec and the 77MW Wildmare wind energy project in British Columbia.“The Caisse is participating in the growth of a Québec leader that is extremely well positioned in renewable energy, a sector with a promising future,” said the fund’s Executive Vice-President for Private Equity, Normand Provost. “Our goal is to support this company’s growth while generating attractive returns for our depositors.”
“Track record of stable and predictable long-term returns”
He said Innergex has an impressive track record of “stable and predictable long-term returns”.
Innergex CEO Michel Letellier called the investment a “vote of confidence in our long-term growth prospects”.
The Caisse made its initial investments in Innergex in 1995. Link