Innergex: La Caisse Completes Acquisition and Ushers in New Growth Era
Deal News | Jul 21, 2025 | CDPQ
La Caisse de dépôt et placement du Québec (La Caisse), previously known as CDPQ, has finalized the privatization of Innergex Renewable Energy Inc., marking a critical milestone in evolving one of Canada's premier renewable energy platforms. Aimimg to fuel Innergex's long-term growth, La Caisse undertook a syndication process involving both local and international investors, including prominent entities from Québec like Investissement Québec, Desjardins Global Asset Management, and Fondaction, as well as 14 Swiss institutional investors. This coalition of investors is expected to harmonize with Innergex's vision of leveraging stable financial backing, isolated from stock market fluctuations, to accelerate large-scale renewable energy initiatives. The privatization endows Innergex with more flexibility in financial operations, enabling it to pursue ambitious projects worldwide. Executive Vice-President Emmanuel Jaclot expressed enthusiasm about the venture, emphasizing the shared vision for Innergex's untapped potential and Québec's leadership role in the global energy transformation. Michel Letellier, Innergex's CEO, reiterated the sentiment, stating that these partnerships enhance the capacity to craft a sustainable energy landscape globally.
Sectors
- Renewable Energy
- Private Equity
Geography
- Canada – Innergex is a Canadian company, and the acquisition was led by Canadian-based La Caisse with support from Canadian institutions.
- Switzerland – 14 Swiss institutional investors are part of the syndicate supporting Innergex's privatization.
Industry
- Renewable Energy – Innergex is a leading player in the renewable energy sector in Canada, with plans to expand its impact globally.
- Private Equity – La Caisse, a private equity firm, orchestrated this acquisition, highlighting its investment strategy in the renewable energy sector.
Financials
- Up to 20% – The portion of capital La Caisse planned to syndicate with other investors in Innergex's acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Innergex Renewable Energy Inc. | Target Company | Company | A leading Canadian renewable energy company involved in the development of sustainable energy projects. |
| La Caisse (formerly CDPQ) | Bidding Company/PE Firm | Company | A private equity firm leading the acquisition of Innergex. |
| Investissement Québec | Investor | Company | A Quebec institution participating in the syndicate supporting Innergex. |
| Desjardins Global Asset Management | Investor | Company | A part of the investor syndicate supporting the long-term growth of Innergex. |
| Fondaction | Investor | Company | A Quebec institution participating in the syndicate supporting Innergex. |