Innergex gains private status as La Caisse finalizes deal and reduces stake through syndication
Innergex Renewable Energy Inc. is now a private company.
La Caisse, formerly CDPQ, has completed the privatization and brought in a group of Québec and international institutions to support the company’s next phase.
The syndication process, launched when the transaction was first announced, involved La Caisse syndicating up to 20 percent of its capital investment in Innergex.
Investors included Investissement Québec, Desjardins Global Asset Management, and Fondaction, along with 14 Swiss institutional investors.
Emmanuel Jaclot, executive vice-president and head of infrastructure at La Caisse, said Innergex required shareholders aligned with its long-term goals and insulated from stock market fluctuations.
He explained that this was the reason for bringing together a group of Québec and international investors.
Jaclot added that the privatization gives Innergex more financial flexibility to advance large-scale projects.
Michel Letellier, president and CEO of Innergex, said the company is entering a new phase with the support of a group of investors.
He stated that the partnership will allow Innergex to continue expanding its renewable energy projects both in Canada and internationally.
La Caisse will remain the majority shareholder and continue to support Innergex’s long-term growth strategy in Canada and internationally, using its asset portfolio and experience in renewable project development.
