Invenergy Strengthens Its Diversified Clean Energy Platform Through New Equity Transactions With CDPQ and AMP Capital
CHICAGO: Invenergy, North America’s largest privately held renewable energy company, today announced significant new equity transactions with institutional investors Caisse de dépôt et placement du Québec (CDPQ) and AMP Capital. With respect to both transactions, Invenergy will maintain day-to-day management of the business, and proceeds will be used to reduce company debt and increase Invenergy’s financial resources.
“Invenergy has created a world-class platform for the development and operations of clean energy projects,” said Jim Murphy, President & Chief Operating Officer at Invenergy. “Both CDPQ and AMP Capital share a longer-term perspective and bring financial strength to our business, positioning Invenergy for years of continued growth.”
A new chapter in Invenergy Renewables’ partnership with CDPQ
Having initially invested in 2013 in wind farms operated by Invenergy Renewables LLC, CDPQ acquired the following year a direct stake in the company. With the transaction announced today, CDPQ increases its stake and will have a 52.4% economic ownership in Invenergy Renewables, while Invenergy will continue to be the managing member of the company.
“Invenergy is a true renewable energy leader. Over the years, we have seen the company’s impressive know-how, particularly in developing and operating projects, and its capacity to continuously innovate,” said Rana Ghorayeb, Senior Vice-President, Investment, Infrastructure at CDPQ. “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.”
Invenergy Clean Power LLC enters into an agreement with AMP Capital
As energy grids in the U.S. and elsewhere transition, emissions reductions and the expansion of renewables are being aided by lower-carbon natural gas generation. In a separate transaction, Invenergy Clean Power LLC, Invenergy’s natural gas generation holding company, has entered into a 50/50 partnership with global investment manager AMP Capital to invest in an operating and development portfolio of natural gas power generation facilities across the United States, Canada and Mexico. Invenergy’s Energía del Pacífico and Clear River Energy Center projects are not included in the partnership.
“This transaction represents a unique opportunity to invest in the North American power sector via a diversified portfolio, partnering with a premier developer and operator of power generation assets on a 50/50 basis,” said Dylan Foo, Partner & Head of Americas Infrastructure Equity at AMP Capital. “The investment offers an excellent entry point into a highly attractive sector, due to the caliber of Invenergy, the quality and diversification of the portfolio, and the growth prospects of the development platform.”
These investments are a reflection of Invenergy’s strong track record as a clean energy industry leader. Both transactions are subject to certain regulatory approvals, including with the U.S. Federal Energy Regulatory Commission.
Invenergy drives innovation in energy. Invenergy and its affiliated companies develop, own, and operate large-scale renewable and other clean energy generation and storage facilities in the Americas, Europe and Asia. Invenergy’s home office is located in Chicago and it has regional development offices in the United States, Canada, Mexico, Japan, Poland and Scotland.
Invenergy and its affiliated companies have developed more than 20,000 megawatts of projects that are in operation, construction or contracted, including wind, solar, natural gas-fueled power generation and energy storage projects. For more information, please visit www.invenergyllc.com.
About Caisse de dépôt et placement du Québec
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2017, it held CA$298.5 billion (US$238.2 billion) in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
About AMP Capital
AMP Capital is a specialist global investment manager with US$146.8 billion in funds under management as of 31 December 2017 and more than 250 investment professionals. AMP Capital has a heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. Its majority shareholder is AMP Limited, which was established in 1849, and is one of Australia’s largest retail and corporate pension providers. AMP Capital has a strategic alliance with Mitsubishi UFJ Trust and Banking Corporation, which is also a shareholder.