The Caisse de dépôt et placement du Québec is loaning $150 million to Innergex Renewable Energy Inc., a Quebec-based renewable energy company.
Among Innergex’s ventures are hydroelectric power plants, wind and solar farms, which it owns and operates. The company also announced its acquisition of Alterra Power Corp., a Vancouver-based renewable power generation company that operates in North America and in Iceland. With this addition, the company will add geothermal energy to its model, as well as move closer to achieving an operating capacity of more than 2,000 megawatts by 2020, according to a press release.
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“Through this new loan and its existing stake in the company, la Caisse continues to support the development of major renewable energy projects managed by Innergex,” said Marc Cormier, executive vice-president of fixed income at the Caisse, in the release.
“The acquisition announced today accelerates Innergex’s growth plan by opening doors to new markets. In addition to supporting a Quebec company’s international expansion, this transaction is in line with la Caisse’s focus on increasing its investments in low carbon assets.”
The release also emphasized the move within the context of the Caisse’s new strategy to address climate change, which sets out targets and actions to reduce its carbon footprint and seize profitable investment opportunities.
The pension fund expects to close the transaction with Innergex in the first quarter of 2018.
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