The Caisse de dépôt et placement du Québec has acquired a 24.7 percent interest in Invenergy Wind, a wind power generation company owned by the Chicago-based Invenergy LLC. The deal’s financial terms were not published. In early 2013, the Caisse bought an interest in an Invenergy wind farm portfolio, comprising 13 projects in the United States and Canada, including Le Plateau in Gaspésie. Last April, it added a second Québec wind farm, investing $42 million in the Parc des Moulins project at Thetford Mines. The Caisse will be a minority shareholder of the operating company as a result of the latest transaction.
PRESS RELEASE
La Caisse acquires a 24.7% stake in U.S.-based Invenergy Wind
MONTREAL, July 10, 2014 /CNW Telbec/ – La Caisse announced today that it is acquiring a 24.7% interest in Invenergy Wind, one of the leading stakeholders in the North American wind power industry. The company, which operates and develops clean-energy projects, totalling more than 5,000 MW, remains the majority controlling shareholder.
“As soon as we began discussions with Invenergy over two years ago, our objective was to build a long-term partnership,” said Macky Tall, Senior Vice-President, Private Equity and Infrastructure at La Caisse. “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.”
In early 2013, La Caisse acquired a minority interest in an Invenergy wind farm portfolio, comprised of 11 projects in the United States and two in Canada, including Le Plateau, in Gaspésie. In April 2014, La Caisse added a second Québec wind farm to the portfolio by investing $42 million in the Parc des Moulins wind energy project at Thetford Mines.
Following today’s transaction, approved by the relevant U.S. regulatory authorities, La Caisse becomes a minority shareholder of the operating company.
ABOUT LA CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
La Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2013, it held $200.1 billion in net assets. As one of Canada’s leading institutional fund managers, La Caisse invests in major financial markets, private equity, infrastructure and real estate, globally. For more information: www.lacaisse.com.
SOURCE Caisse de dépôt et placement du Québec
For further information:
Jean-Benoît Houde
Senior Adviser, Media Relations
514 847-5493
jbhoude@lacaisse.com
Photo courtesy of the Caisse de dépôt et placement du Québec
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