The Caisse de dépôt et placement du Québec (Caisse) has announced an investment of £98.9M in Quebec-based power company Innergex Renewable Energy Inc.

The company acquired, through a private placement, ownership and control over 9.6 million common shares of Innergex, totaling just over 10% of the company’s issued and outstanding common shares.

The investment in Innergex comes just after the company announced the acquisition of 70% of the Magpie hydroelectric generating station in Minganie RCM, Québec, and the acquisition of Wildmare, a wind energy project in British Columbia.

“Through this transaction, the Caisse is participating in the growth of a Québec leader that is extremely well positioned in renewable energy, a sector with a promising future,” explained Normand Provost, Executive Vice-President, Private Equity. “As shown by its recent acquisitions, Innergex is expanding at a fast pace. Our goal is to support this company’s growth while generating attractive returns for our depositors.”

“We’re pleased and honoured to count the Caisse de dépôt et placement du Québec among our shareholders. We consider their investment to be a recognition of our accomplishments and a vote of confidence in our long-term growth prospects, on behalf of a world-class Quebec institution”, said Michel Letellier, President and Chief Executive Officer of Innergex.