CDPQ Increases its Stake in Énergir

Source: www.gulfoilandgas.com 1/18/2022, Location: North America

Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced a significant increase in its majority stake in limited partnership Trencap L.P., alongside the Fonds de solidarité FTQ. Through Noverco, Trencap is the sole owner of Énergir.

Following this transaction, CDPQ holds 80.9% of Trencap shares, while the Fonds de solidarité FTQ maintains its 19.1% stake in the company, making Énergir a company that is now wholly owned by Québec investors. Today's announcement follows an initial transaction of $1.14 billion made public in June 2021, through which Trencap became the sole owner of Noverco, which owns 100% of Énergir shares.

With assets of over $9 billion and 535,000 customers across Québec and the northeastern United States, Énergir is a diversified energy business, with half of its assets now involved in the production and distribution of electricity and renewable energies and in providing energy services. The main distributor of natural gas in Québec, Énergir also produces electricity in the province from wind power through joint-venture companies. Through subsidiaries and other investments, Énergir is present in the United States, where it produces electricity from hydro, wind and solar sources, as well as being the sole distributor of natural gas in Vermont.

"Investing in the growth of Québec companies is at the heart of CDPQ's strategy, and our support of Énergir since a first investment in 2004 is a perfect example of this," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. "With the Fonds de solidarité FTQ, we are delighted to continue as a long-term shareholder in this innovative company as it works to diversify and decarbonize its activities, contributing to a greener North American economy."

"Énergir is firmly focused on the energy transition, notably through renewable gas initiatives," added Gilles Poulin, Vice-President, Investments, Aerospace, Infrastructure and Transportation at the Fonds de solidarité FTQ. "This transaction brings the ownership of Énergir entirely back to Québec while fostering the success of the company's plan to reduce greenhouse gas through renewable energy and energy efficiency."


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