Caisse de dépôt et placement du Québec increases Invenergy Renewables stake to 52.4%

Caisse de dépôt et placement du Québec (CDPQ) has acquired an additional 27.7% stake in Invenergy Renewables LLC from Invenergy, LLC, increasing its stake in Invenergy Renewables to 52.4% economic ownership. Financial terms were not disclosed.

Invenergy, LLC will maintain day-to-day management of the business.

Invenergy Renewables LLC is North America’s largest privately held renewable energy company.

In July 2014, CDPQ formally acquired a 24.7% interest in Invenergy Renewables LLC, formerly known as Invernergy Wind LLC.

In January 2013, CPDQ paid US $500 million for a minority interest in an Invenergy wind farm portfolio, comprised of approximately 1,500 megawatts (MW) of operating wind farms in the United States and Canada, including Le Plateau, in Gaspésie. In April 2014, CDPQ invested additional CDN $42 million in the Parc des Moulins wind energy project operated by Invenergy Wind.

photo credit: Invenergy

News Release

CDPQ acquires significant additional stake in Invenergy Renewables LLC

Infrastructure Montréal, May 22, 2018

Caisse de dépôt et placement du Québec (CDPQ) and Invenergy today announced an increase of CDPQ’s stake in Invenergy Renewables LLC (Invenergy Renewables), North America’s largest privately held renewable energy company. With this transaction, CDPQ will have a 52.4% economic ownership in Invenergy Renewables, while Invenergy will continue to be the managing member of the company.

As part of Invenergy’s diversified development and operations platform, Invenergy Renewables is a global leader in wind and solar power generation and advanced energy storage projects, having developed projects totalling approximately 14,000 megawatts. Present in the Americas, Europe and Asia, Invenergy has built an extensive expertise in the various stages of the industry’s value chain, including the development, construction, operations and maintenance of renewable projects.

This additional investment by CDPQ marks an important chapter in its partnership with Invenergy. Having initially invested in 2013 in wind farms operated by the company, CDPQ acquired the following year a direct stake in Invenergy Renewables, gaining exposure to the development and construction of greenfield renewables projects, alongside a partner recognized in the market for delivering high-quality projects on time and on budget. Since then, CDPQ has gradually increased its investment in the company.

“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,” said Rana Ghorayeb, Senior Vice-President, Investment, Infrastructure at CDPQ. “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.”

“CDPQ is leading the way as investors recognize the tremendous potential of renewable energy,” said Jim Murphy, President & Chief Operating Officer at Invenergy. “Invenergy has created a world class platform for the development and operations of clean energy projects, and our partnership with CDPQ strengthens that platform.”

In October 2017, CDPQ presented its investment strategy to address climate change, which sets out targets and means for making a constructive contribution, as an investor, to the transition toward a low carbon global economy. To learn more about the strategy, visit: http://www.cdpq.com/en/investments/responsible-investment

The transaction is subject to certain regulatory approvals.

ABOUT D’INVENERGY

Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own and operate large-scale renewables and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan and Europe. For more information, please visit www.invenergyllc.com.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2017, it held CAD 298.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com/en, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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For more information

Media contact +1 514 847-5493 +1 866 330-3936 medias@cdpq.com


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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