Institutional investor Caisse de dépôt et placement du Québec (CDPQ) has signed off on a transaction to acquire a majority stake in Invenergy Renewables, a North American privately held renewable energy company.
With this deal, CDPQ will have a 52.4% economic ownership in Invenergy Renewables, while Invenergy will still serve as the managing member of the company.
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Invenergy Renewables has developed numerous renewable energy projects across the Americas, Europe and Asia, boasting a project pipeline with a generation capacity of approximately 14,000MW.
CDPQ started its investment in Invenergy by investing in wind farms operated by the company in 2013, while later securing a direct stake in the company in 2014.
Rana Ghorayeb, senior vice-president, investment, Infrastructure at CDPQ, said: “Invenergy is a true renewable energy leader. Over the years, we have seen the company's impressive know-how, particularly in developing and operating projects, and its capacity to continuously innovate.
“The wind and solar energy sector is a promising one for CDPQ, and this investment is in line with our strategy announced last fall to increase our exposure to low-carbon assets.”
Jim Murphy, president & chief operating officer at Invenergy, said: “CDPQ is leading the way as investors recognize the tremendous potential of renewable energy. Invenergy has created a world class platform for the development and operations of clean energy projects, and our partnership with CDPQ strengthens that platform.”
