Caisse investing in wind and solar projects, AIMCo in German real estate

The Caisse de dépôt et placement du Québec is taking a majority interest of Noverco and its subsidiary Energir, Quebec’s largest natural gas distribution company.

The Caisse owns 64.5 per cent of Trencap, a limited partnership that reached an agreement to buy all of the 39.5 per cent outstanding interest in Noverco held by Enbridge for $1.14 billion.

Headquartered in Montreal, Energir has assets estimated to be worth more than $8 billion. Beyond natural gas, the company, formerly known as Gaz Métro, is also involved in the distribution of solar and wind generated electricity throughout Quebec and Vermont.

Read: Caisse invests in expansion of Quebec-based software company

According to Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, the organization believes in the energy company’s innovative business and efforts at decarbonization and efficiency.

“CDPQ’s first investment in Énergir dates back to 2004. For more than 15 years, we have been supporting this Quebec company in its growth and diversification, in both Quebec and the United States.”

The acquisition of Enbridge’s stake requires regulatory approvals, though Trencap expects the transaction to be completed in early 2022.

Read: Ontario Teachers’ sells mall shares amid GameStop rally, invests in low-carbon company

A similar deal between the Ontario Teachers’ Pension Plan and IFM Investors to take control of the energy company Enwave closed this week.

The Ontario Teachers’ and IFM Investors, which announced the deal in February, now own 50 per cent of the company, which provides low-carbon, cooling and heating solutions. It was purchased from Brookfield Infrastructure Partners for $2.8 billion. This is the second North American infrastructure investment made by the two investors, which co-own GCT Global Container Terminals Inc.

Dale Burgess, senior managing director of infrastructure and natural resources at the Ontario Teachers’ said the pension fund would work alongside IFM investors in order to grow Enwave’s growth in North America. “We see Enwave as a great example of investing in a compelling business that is making a meaningful and positive impact in the communities where they operate.”

Read: Ontario Teachers’ committing to net-zero emissions by 2050