By Muskan Arora
The C$452bn Caisse de Depot et Placement du Quebec, a
Canadian pension plan, expanded its renewable energy allocation appetite with the
acquisition of Innergex Renewable Energy, which is valued at $7bn.
Innergex is an independent renewable power producer that
develops, acquires, owns and operates hydroelectric facilities, wind farms,
solar farms and energy storage facilities.
As per the conditions of the deal, CDPQ will take over all
the outstanding common shares of Innergex or C$13.75 per share in cash,
alongside taking over all outstanding preferred shares of the firm for C$25 per
share in cash.
“While we strive for optimal returns, we are committed
to supporting essential businesses headquartered in Quebec, such as Innergex,
which plays a key role in the energy transition and autonomy,” said
Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ, as
per the recent news release.
While the proposed deal is yet to be confirmed upon approval
from Innergex’s common shareholders and other customary closing conditions, the
CEO and president of the firm, Michel Latellier stated that global operations
will continue from the headquarters in Quebec.
The pension plan and the firm have a long history together,
with CDPQ making its first allocation to the firm in 1995 and has gone to
become Innergex’s second largest shareholders after Hydro Quebec, which owns
19.9% of the firm’s common shares.
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