Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ have provided an additional $575m (€517.7m) investment to North American renewables firm Énergir to support its strategy.
CDPQ led a $1.14bn transaction back in June 2021 that significantly increased its majority stake in Énergir. This transaction involved Trencap acquiring Enbridge’s 38.9% interest in Noverco, resulting in Trencap’s complete ownership of Noverco, which in turn owns 100% of Énergir.
In January 2022, CDPQ said it had again increased its majority stake in limited partnership Trencap, alongside the Fonds de solidarité FTQ. Following that transaction, CDPQ held 80.9% of Trencap shares, while the Fonds de solidarité FTQ maintained its 19.1% stake in the company.
CDPQ and Fonds de solidarité FTQ said the latest investment in Énergir will help the firm progress with its “decarbonisation and climate resilience strategy”.
The strategy includes developing renewable energy and natural gas projects, implementing dual energy in Québec and pursuing the Zero Outages Initiative at Green Mountain Power in Vermont.
Énergir is a diversified energy company with over $10bn in assets, serving 535,000 customers in Québec and the US. The company focuses on renewable energy sources and is a leader in gas distribution in Québec.
Emmanuel Jaclot, EVP and head of infrastructure at CDPQ, said: “Supporting the growth and energy transition of our portfolio companies, particularly those in Québec, are central elements of CDPQ’s strategy, and our backing of Énergir since 2004 is a good example of that.
“Alongside the Fonds de solidarité FTQ, we are determined to keep supporting this innovative company as it grows, diversifies and decarbonises its activities to have a greener North American economy.”
Gilles Poulin, VP, private equity and impact investing, aerospace, infrastructure and transportation, at the Fonds de solidarité FTQ, said: “Énergir has a plan to accelerate Québec’s decarbonisation and energy transition.
“With this new investment, the Fonds is supporting the development of the renewable natural gas sector, which will help reduce greenhouse gas emissions from fossil sources.”
To read the latest IPE Real Assets magazine click here.
