The Caisse de dépôt et placement du Québec is increasing its stake in Chicago-based Invenergy to a 52.4 per cent ownership of the company.

The company has developed renewable energy projects producing about 14,000 megawatts of power, including wind and solar power generation facilities, as well as advanced energy storage, around the world.

“CDPQ is leading the way as investors recognize the tremendous potential of renewable energy,” said Jim Murphy, president and chief operating officer of Invenergy, in a news release.

“Invenergy has created a world-class platform for the development and operations of clean energy projects, and our partnership with CDPQ strengthens that platform.”

Read: Caisse loans $60M to Quebec wind farm

The Caisse made its initial investment in Invenergy in 2013, with a $60-million loan for wind farms operated by the company. It purchased a direct stake in the company the following year, gaining exposure to new projects.

“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 of investment and infrastructure at the Caisse.

“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.”

Read: Caisse releases first stewardship investing report

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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