It had previously taken a 24.7% share in Invenergy’s renewables division in 2014. The previous year, the Canadian pension fund had acquired a minority interest in an 11-wind farm portfolio owned by the US energy company.
Invenergy will maintain day-to-day management of the business and use proceeds from the equity sale to reduce its debt and increase its financial resources, the company stated.
Rana Ghorayeb, senior vice-president of investment and infrastructure at CDPQ, added: "The wind and solar energy sector is a promising one for CDPQ, and this investment is in line with our strategy announced last fall to increase our exposure to low-carbon assets."
In October 2017, CDPQ, along with Mexican pension fund CKD Infraestructura México (CKD IM), acquired Enel Green Power’s 80% share in three solar plants and five wind farms with a combined capacity of 1.7GW.
That same month, the pension fund had unveiled an ‘investment strategy to address climate change’, which included targets of a 50% increase in low-carbon investments by 2020, and a 25% decrease in the greenhouse gas (GHG) emissions per dollar by 2025.