OMERS’ portfolio company acquiring solar energy development platform

The Caisse de dépôt et placement du Québec is acquiring an 80 per cent stake in a Japanese solar power generation plant alongside its portfolio company Shizen Energy Inc.

The solar power plant generates 31 megawatts, or enough energy to power 7,850 homes, according to a press release. The Caisse first invested $186 million in the energy company in 2022. Financial details of the latest transaction weren’t disclosed.

Japan plays a decisive role in the decarbonization of Asia and, as an experienced investor in renewable energy, we are delighted to join forces with our portfolio company Shizen Energy for this first joint investment in a solar plant,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the release.

Read: Caisse invests in Japanese renewable energy company, leads investment round in Montreal software firm

The Caisse is also investing $125 million in digital consulting firm Levio, supporting the company’s planned expansion in North America. “Digital transformation is central to the sustainability and productivity of organizations and this partnership is perfectly in line with our investment priorities and supports the company’s growth,” said Kim Thomassin, executive vice-president and head of Québec at the Caisse, in a press release.

In other news, the Alberta Investment Management Corp. is opening a new office space located in New York City. The investment organization now has seven global offices.

“We have a significant client mandate to grow our private credit portfolio and having a team based in Manhattan will also help us accelerate our efforts in this key asset class,” said Evan Siddall, chief executive officer at the AIMCo, in a press release.

Read: AIMCo considers buying Trans Mountain pipeline stake, Caisse integrates real estate subsidiaries

Meanwhile, the Canada Pension Plan Investment Board is acquiring shares of a new company that will result from a proposed merger between California Resources Corp. and Aera Energy, in which CPPIB holds a 49 per cent stake.

Once the transaction is completed later this year, the investment organization will hold an 11.2 per cent stake in the combined company, which is valued at roughly $2.1 billion, according to a press release.

“The combined company is set to play a leading role in California’s energy transition, which we view as a promising source of long-term risk-adjusted returns for the [CPPIB],” said Bill Rogers, managing director and global head of sustainable energies at the CPPIB, in the release.

And the Ontario Teachers’ Pension Plan is joining a strategic initiative with Linden Capital Partners to invest in clinical research companies. Through mergers and acquisitions, the initiative will seek to create a “more unified and efficient clinical research ecosystem,” noted a press release.

Read: CPPIB, Oxford Properties sell two Vancouver office buildings, OMERS closes €750 million term notes offering