Caisse de dépôt et placement du Québec (CDPQ) and AMP Capital have both strengthened their relationships with Invenergy by acquiring additional interests in the renewable energy firm.
In 2013, CDPQ, an investor that manages funds primarily from public and parapublic pension plans, initially invested in wind farms operated by Invenergy and the following year bought a direct stake in the company.
CDPQ said its economic interest in Invenergy Renewables has now increased to 52.4%. Invenergy remains the leading member of the company.
In a separate transaction, Invenergy Clean Power, Invenergy’s natural gas generation holding company, has entered into a 50/50 partnership with AMP to invest in an operating and development portfolio of natural gas power generation facilities across the US, Canada and Mexico.
Invenergy’s Energía del Pacífico and Clear River Energy Center projects are not included in the partnership.
In 2015, AMP made a $200m subordinated debt investment in Invenergy Clean Power.
The latest investment provides AMP access to one of the largest privately-held gas-fired generation portfolios in the US and an opportunity to invest in a low-emissions generation fleet with scale.
Dylan Foo, a partner and head of Americas infrastructure equity at AMP Capital, said: “This transaction represents a unique opportunity to invest in the North American power sector via a diversified portfolio, partnering with a premier developer and operator of power generation assets on a 50/50 basis.
“The investment offers an excellent entry point into a highly attractive sector, due to the calibre of Invenergy, the quality and diversification of the portfolio, and the growth prospects of the development platform.”
Both transactions are subject to certain regulatory approvals, including with the US Federal Energy Regulatory Commission.