La Caisse (formerly CDPQ) has completed its previously announced C$10bn ($7.3bn) acquisition of Innergex Renewable Energy, resulting in the Canadian renewable energy firm becoming private.
According to the agreement terms, all outstanding common shares of Innergex, excluding those already held by La Caisse and specific members of senior management, were purchased at C$13.75 ($10.05) per share. The deal was announced in February 2025.
In addition, La Caisse acquired all preferred shares Series A and Series C at C$25 ($18.3) each, along with any accrued and unpaid dividends. The transaction also involved the full repayment of Innergex’s 4.65% subordinated unsecured convertible debentures, including both principal and accrued interest.
La Caisse has also syndicated nearly 20% of its investment capital to investors sharing its vision for Innergex’s future expansion. This syndication includes Québec institutions like Investissement Québec and Desjardins Global Asset Management, along with international participants such as 14 Swiss institutional investors.
La Caisse executive vice-president and infrastructure head Emmanuel Jaclot said: “Innergex is a Canadian renewable energy leader and plays a key role in the energy transition. To shift into a higher gear, the company needed shareholders aligned with its long-term potential, protected from stock market cycles.
“That’s why we brought together a syndicate of Québec and international investors who share this vision.
“This privatisation immediately provides Innergex with increased financial agility to accelerate the development of large-scale projects. It is a reflection of Innergex’s potential and Québec’s leadership in the energy transition.”
Certain members of Innergex’s senior management team have opted to reinvest in the privatised company. Among them are Michel Letellier, president and CEO, and Jean Trudel, chief financial officer. This move aligns with La Caisse’s strategy to retain leadership continuity while positioning Innergex for its next growth phase.
Letellier said: “With the strong commitment of a group of leading investors, Innergex is beginning a new chapter in its history.
“This alliance with partners who believe in our mission and values will enable us to pursue our growth with ambition, agility and vision. Together, we will accelerate the development of promising renewable energy projects, here and around the world, and continue building a more sustainable energy future for all.”
Innergex operates across multiple regions, including Canada, the US, France, and Chile. The company manages a portfolio of 92 operating facilities with a total net installed capacity of around 4GW. These assets span various forms of renewable energy generation such as hydroelectric, wind, solar, and battery energy storage facilities.
Furthermore, Innergex is engaged in 16 development projects with a combined net capacity of 915MW. The company also holds prospective projects at various stages of development with an aggregate gross installed capacity totalling 10.3GW.
The completion of this acquisition will lead to the delisting of Innergex’s common shares, preferred shares Series A and Series C, and the 4.65% subordinated unsecured convertible debentures from the Toronto Stock Exchange on or about 22 July 2025.
