The North American energy company did not disclose the total funding it has raised but said that it will use the cash proceeds to cut down its debt and also increase its financial resources.
Invenergy president & chief operating officer Jim Murphy said: “Invenergy has created a world-class platform for the development and operations of clean energy projects.
“Both CDPQ and AMP Capital share a longer-term perspective and bring financial strength to our business, positioning Invenergy for years of continued growth.”
Invenergy’s renewable business Invenergy Renewables had first secured investment from the Canada-based CDPQ in 2013 for wind farms operated by it. In the following year, CDPQ purchased a direct stake in Invenergy Renewables and the new equity transaction will increase its ownership to 52.4% with Invenergy to remain as a managing member of the renewable energy company.
CDPQ investment, infrastructure senior vice-president Rana Ghorayeb said: “Invenergy is a true renewable energy leader. Over the years, we have seen the company’s impressive know-how, particularly in developing and operating projects, and its capacity to continuously innovate.
“The wind and solar energy sector is a promising one for CDPQ, and this investment is in line with our strategy announced last fall to increase our exposure to low-carbon assets.”
On the other hand, the Australia-based AMP Capital has entered into a 50/50 partnership with Invenergy Clean Power, the natural gas generation business of Invenergy. Through the partnership, AMP Capital will invest in an operating and development portfolio of natural gas power plants in the US, Canada and Mexico.
The partnership with AMP Capital, which excludes the Energía del Pacífico and Clear River Energy Center projects, is made up of seven operating facilities with a combined capacity of 2,680MW across the US and Canada, and a plant under construction in Pennsylvania, along with two late-stage development projects in Mexico.
The two equity transactions will be subject to approvals from certain regulatory bodies such as the US Federal Energy Regulatory Commission (FERC) and others.
