Aiming to diversify its clean energy platform, Chicago-based Invenergy has announced significant new equity transactions with institutional investors Caisse de dépôt et placement du Québec (CDPQ) of Canada and AMP Capital of Australia.
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,” comments Jim Murphy, president and chief operating officer of 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.”
Having initially invested in 2013 in wind farms operated by Invenergy Renewables LLC, CDPQ acquired a direct stake in the company the following year. 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,” states Rana Ghorayeb, senior vice president of investment of 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.”
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 U.S., Canada and Mexico. Invenergy’s Energía del Pacífico and Clear River Energy Center projects are not included in the partnership.
Both transactions are subject to certain regulatory approvals, including with the U.S. Federal Energy Regulatory Commission.
