La Caisse plugs $38m in Quebec wind

The Canadian investor’s latest deal comes a few months after it paid £644m for a 50 percent stake in the world’s largest offshore wind farm.

La Caisse de dépôt et placement du Québec has invested CAD$42 million (€28 million; $38 million) in the Parc des Moulins project, a wind farm operated by Chicago-based developer Invenergy.

In commercial operation since December 2013, Parc des Moulins has a generating capacity of 135.7 megawatts (MW). It covers three Québec municipalities: Thetford Mines, Kinnear's Mills and Saint-Jean-de-Brébeuf.
Invenergy will continue to be the majority shareholder upon completion of the transaction.

The news comes as La Caisse continues to increase exposure to the wind energy sector. The firm first acquired a stake in the Invenergy portfolio in January, when it bought shares in 11 US and two Canadian wind projects operated by the company.

It then acquired 50 percent of London Array 1, the world’s largest offshore wind farm, for £644 million (€782 million; $1.1 billion) in February. The stake was previously owned by Danish utility DONG Energy.

With about $200.1 billion of assets under management, La Caisse invests a significant percentage of its capital directly. Created in 1965 to manage the newly created Quebec Pension Plan, the institution has since opened up to many other public depositors.