Caisse buys almost 25% stake in Invenergy Wind for undisclosed price

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MONTREAL – Quebec’s largest pension fund manager is acquiring a 24.7 per interest in Invenergy Wind, a leading company in the North American wind power industry.

The Caisse de depot et placement du Quebec did not say how much it paid for its share of the company, which operates and develops clean-energy projects totalling more than 5,000 megawatts.

Invenergy remains the majority controlling shareholder, the Caisse said in announcing the investment Thursday.

“When we first invested in the company’s wind farms, we were impressed by the strong management team and the quality of the projects in the portfolio,” said Macky Tall, senior vice-president, private equity and infrastructure at the Caisse.

“With this transaction, we continue to strengthen our partnership and increase our exposure to the United States, a promising market for years to come.”

In early 2013, the Caisse acquired a minority interest in an Invenergy wind farm portfolio, comprised of 11 projects in the United States and two in Canada, including Le Plateau on the Gaspe peninsula. In April it added a second Quebec wind farm to the portfolio by investing $42 million in the Parc des Moulins wind energy project at Thetford Mines.

The Caisse is one of Canada’s largest money managers, overseeing funds for Quebec’s public and private sector pensions and insurance plans.

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