Canadian pension manager CDPQ has purchased a 17.3 percent stake in Quebec-based renewable energy developer Boralex for C$287.5 million ($229.2 million; €195.4 million).
CDPQ acquired the interest in Boralex from Canadian packaging company Cascades, according to a statement. The deal allows the pension manager to appoint two members to Boralex’s board as well as pre-emptive rights for future share issuances.
Montreal-based CDPQ said the agreement also allows the company to work with Boralex on future project investments.
“We intend to work with La Caisse [CDPQ] to develop growth opportunities through its financial capabilities, expertise and international network,” said Patrick Lemaire, Boralex chief executive.
Already one of North America’s largest wind energy investors, CDPQ, which manages C$270.7 billion in assets, helped finance a 147MW project under development by Pattern Energy Group earlier this year. The company has also funded a 135.7MW and 101.2MW project near Quebec.
Outside its own wind investments, CDPQ has a major interest in North American renewables developer Invenergy, which operates a portfolio generating more than 5GW. It also holds a 25 percent stake in the London Array, a 630MW offshore wind farm off the British coast.