CDPQ Invests in Lightsource BP For $194 MN Solar Financing Platform

The facility will initially be used to finance a diversified portfolio composed of over 100 solar projects located across various countries and totalling more than 700 MW.

Canadian institutional investor, Caisse de dépôt et placement du Québec (CDPQ) and Lightsource BP recently announced a debt investment of £150 million ($194 million) to finance a portfolio of solar assets owned and managed by Lightsource BP, a global leader in the funding, development and long-term operation of solar projects. 

The facility will initially be used to finance a diversified portfolio composed of over 100 solar projects located across various countries and totalling more than 700 MW. Over time, the facility could expand with further investment from CDPQ funding assets developed through the Lightsource BP pipeline.

“We’re very proud to be partnering with CDPQ. This platform marks the beginning of a very exciting opportunity for both companies as it supports both Lightsource BP’s ambition to become a world-leading owner and operator of solar assets and CDPQ’s commitment towards sustainable investing. We intend to grow the platform and seek further funding for assets to be developed over the next few years”, said Paul McCartie, Group Chief Investment Officer, Lightsource BP.

This partnership aligns perfectly with CDPQ’s investment strategy in addressing climate change through low-carbon investments. Alongside Lightsource BP, it invests in solar projects, an asset class that will continue playing a key role across the energy transition landscape.

“Lightsource BP has high-quality assets and has built itself an enviable positioning in its industry, and CDPQ is thrilled to support the company in its global development,” said Marc Cormier, Executive Vice-President, Fixed Income. “This transaction is perfectly aligned with CDPQ’s willingness to participate in the energy transition, primarily by investing in low-carbon assets, as we have just increased our investment target for these assets by 2020.”

CDPQ announced at the end of March that it had raised its 2020 low-carbon asset under management target from $26 billion to $32 billion. This initiative is part of its investment strategy to address climate change and capture opportunities from the transition to a low-carbon economy.