CDPQ to Invest USD 1 Billion in Invenergy Renewables

CDPQ has committed USD 1 billion to Invenergy Renewables, one of the largest developers, owners and operators of RE projects in North America

Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, has announced a USD 1 billion commitment to Invenergy Renewables, one of the largest private developers, owners and operators of wind and solar projects in North America, to further support the company in its expanded development activities and continued growth.

The firm stated that “this commitment, in the form of new investment facilities, represents another important step in CDPQ’s long-term partnership with Invenergy, which began nearly eight years ago with a stake in a portfolio of operating wind farms developed by the industry leader.”

In the year that followed, CDPQ had acquired a direct stake in Invenergy, thus increasing its exposure to the development of renewable energy projects with a world-renowned partner. Over the years, CDPQ has gradually expanded its investments in the company.

“This new investment by CDPQ is the largest since we began our successful partnership with Invenergy in 2013,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “CDPQ is thrilled to put its constructive capital behind the men and women at Invenergy who passionately develop new renewable projects and thereby contribute to the climate transition.” 

Invenergy Renewables is an international leader in the development of wind, solar and energy storage projects. It has extensive expertise in the various segments of the industry’s value chain, including in the development, construction, operations and maintenance of renewable energy projects.

“These additional investment facilities will accelerate Invenergy Renewables’ growth and secure its industry-leading position,” said Jim Murphy, Invenergy President and Chief Operating Officer. “CDPQ has been a trusted and valued investment partner in our renewables business and we look forward to working together to continue the affordable, reliable, and environmentally beneficial transformation of the power sector.”

In March, Azure Power had announced CDPQ had acquired additional shares of AZRE from a stakeholder. A transaction that has seen CDPG become a majority stakeholder in the Indian solar power developer. As per Azure Power, CDPG has acquired an additional 717,701 shares from a shareholder of AZRE. And that after acquiring the additional shares, it is the direct owner of 24,259,272 shares of AZRE, which represent a majority 50.9 percent of the outstanding shares of Azure Power Global Limited.