Canadian pension giant buys developer in $7bn deal
Quebec-based Innergex has 3.7GW in operating renewables capacity and project development pipeline north of 10GW
Canadian pension fund investment manager Caisse de dépôt et placement du Québec (CDPQ) has agreed to buy Quebec-based renewables developer Innergex Renewable Energy for CA$10bn ($7bn).
Innergex currently has a 3.7GW net operating capacity in Canada, the US, France and Chile across 42 hydroelectric plants, 36 wind farms, nine solar arrays and three battery energy storage facilities, as well as interests in 17 projects under development with a net installed capacity of 945MW.
The company also has a project development pipeline in various stages of development with more than 10GW.
"Innergex has been a leader in renewable energy across North America, with strong development capabilities and a long history of collaboration and partnership with Indigenous communities,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at CDPQ.
As part of the transaction, which is expected to close by the fourth quarter of this year, CDPQ will acquire all the issued and outstanding common shares of Innergex at C$13.75 per share in cash. The investor will also buy all issued and outstanding preferred shares (series A and C) of Innergex at C$25.00 per share.