Canadian institutional investor Caisse de depot et placement du Quebec (CDPQ) has increased its equity stake in Invenergy Renewables to 52.4% for an undisclosed price.
Invenergy Renewables will continue to maintain the day-to-day management of the business, with the proceeds from CDPQ’s increased equity used to reduce company debt and boost financial resources.
CDPQ senior vice president investment and infrastructure Rana Ghorayeb said: “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.
“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.”
In a separate deal, Invenergy Clean Power, which is Invenergy’s natural gas holding company, entered into a 50:50 partnership with investment manager AMP Capital.
Invenergy president and chief operating officer Jim Murphy said: “Both CDPQ and AMP Capital share a longer-term perspective and bring financial strength to our business, positioning Invenergy for years of continued growth.”
Image: Invenergy
Canadians boost Invenergy stake
By EBS