Canadian Manufacturing

La Caisse buys stake in clean energy producer Invenergy

Quebec pension fund manager La Caisse had previously invested almost $600 million in Invenergy



MONTREAL—Quebec’s public pension investment fund has acquired an interest in one of North America’s largest windpower stakeholders.

La Caisse de dépôt et placement du Québec announced plans to acquire a 24.7 per cent interest in Invenergy Wind LLC, a clean energy project developer and operator with more than 5,000 megawatts of energy production in operation in Canada, the United States and Europe.

Financial details were not disclosed.

The relationship between La Caisse and Chicago-based Invenergy launched in early 2013, when La Caisse invested US$500 million in 11 of the company’s wind farms in the U.S. and Canada.

In April 2014, La Caisse invested another $42 million with Invenergy, this time in a 135.7-megawatt wind farm south of Quebec City.

“As soon as we began discussions with Invenergy over two years ago, our objective was to build a long-term partnership,” La Caisse senior vice-president of private equity and infrastructure Macky Tall said in a statement.

“When we first invested in the company’s wind farms, we were impressed by the strong management team and the quality of the projects in the portfolio. With this transaction, we continue to strengthen our partnership and increase our exposure to the United States, a promising market for years to come.”

The transaction is subject to regulatory approval in the U.S.

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