The Caisse de dépot et placement du Québec is partnering with alternative investment manager Energize Ventures to promote digital innovation in the energy and sustainable industry sectors.
The co-investment partnership will see the Caisse commit up to $125 million over the next three years to ventures targeted at digital technologies that will advance the sustainable transition of energy and industry. The pension fund conducted a full market review of potential partners before selecting Energize, but the parties have a history of collaboration — the Caisse is already a limited partner in the investment funds Energize Ventures I and Energize Ventures II.
“As part of its long-standing commitment to invest in solutions that address climate change, CDPQ is leveraging opportunities with strategic partners to direct more capital towards innovative investments and sustainability initiatives,” said Mario Therrien, the Caisse’s head of investment funds and external management, in a press release. “We selected Energize as our partner because they have demonstrated an ability to identify leading energy investments while also supporting a cleaner and durable future.”
Meanwhile, Leeward Renewable Energy — a portfolio company of the Ontario Municipal Employees Retirement System’s infrastructure arm — announced the closure of its latest deal, sealing the acquisition of a utility-scale solar project platform from First Solar Inc.
The 10-gigawatt platform generates enough clean energy to power the equivalent of 2.3 million homes, and includes 0.773 gigawatts of projects expected to start construction in the next two years, according to a press release. The transaction, which closed on March 31, saw 50 First Solar development team members join Leeward, boosting the company’s projected employee base to almost 200 by the end of 2021.
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“The completion of this acquisition underscores our confidence in Leeward and support of the company’s growth strategy,” said Tom Frazier, managing director of OMERS Infrastructure, in a statement. “OMERS Infrastructure is proud to be invested in Leeward as we expand our investment in clean energy, consistent with our long-term plan to increase our footprint in this growing sector.”
In other investment news, the Public Sector Pension Investment Board and investment manager Partners Group have entered exclusive discussions with EQT Private Equity over Cerba HealthCare, a European medical laboratory services operator.
PSP and Partners Group teamed up in 2017 to acquire the France-headquartered Cerba, whose international network of laboratories focuses on testing, medical diagnosis and clinical trial services.