Global investment group La Caisse has finalised the acquisition of Innergex Renewable Energy and mobilised a group of investors to support its long-term growth.
La Caisse said the transaction represents a key step in the growth of one of Canada’s leading renewable energy platforms.
As part of the transaction, La Caisse has syndicated approximately 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth.
This approach brought together a group of investors, including several Québec institutions such as Investissement Québec, Desjardins Global Asset Management and Fondaction.
This syndication was also open to international investors, including 14 Swiss institutional investors who will join the syndicate of Québec investors mobilised by La Caisse.
Executive vice president and head of infrastructure at La Caisse Emmanuel Jaclot said: “Innergex is a Canadian renewable energy leader and plays a key role in the energy transition.
“To shift into a higher gear, the company needed shareholders aligned with its long-term potential, protected from stock market cycles. That’s why we brought together a syndicate of Québec and international investors who share this vision.
“This privatisation immediately provides Innergex with increased financial agility to accelerate the development of large-scale projects. It is a reflection of Innergex’s potential and Québec’s leadership in the energy transition.”
Innergex president and chief executive Michel Letellier said: “With the strong commitment of a group of leading investors, Innergex is beginning a new chapter in its history.
“This alliance with partners who believe in our mission and values will enable us to pursue our growth with ambition, agility and vision.
“Together, we will accelerate the development of promising renewable energy projects, here and around the world, and continue building a more sustainable energy future for all.”
As the leading shareholder, La Caisse will continue to support Innergex in its long-term growth strategy, both in Canada and internationally, by leveraging its diversified asset portfolio and its expertise in developing renewable energy projects around the world.