Quebec pension places renewable energy at top of the alts agenda

Caisse de depot et placement du Quebec (CDPQ) recently announced a $1 billion commitment to Chicago-based renewable energy developer Invenergy Renewables LLC, which owns and operates wind and solar projects in North America. "These additional investment facilities will accelerate Invenergy Renewables' growth and secure its industry leading position," said Invenergy President and Chief Operating Officer Jim Murphy. "CDPQ has been a trusted and valued investment partner in our renewables business and we look forward to working together to continue the affordable, reliable, and environmentally beneficial transformation of the power sector." The move follows CDPQ’s support of renewable gas company Xebec in providing C$50 million in financing to support its acquisition of Dutch firm HyGear, which was structured earlier this month. In providing a new investment facility for Invenergy, CDPQ further cemented its long-term partnership that began eight years ago with a stake in a portfolio of operating wind farms. In the year that followed CDPQ bought a direct stake in Invenergy. Over the years the C$333 billion fund has gradually expanded its investments in the company. "This new investment by CDPQ is the largest since we began our successful partnership with Invenergy in 2013," said Emmanuel Jaclot, executive vice president and head of infrastructure at CDPQ. "CDPQ is thrilled to put its constructive capital behind the men and women at Invenergy who passionately develop new renewable projects and thereby contribute to the climate transition." The infrastructure portfolio that Jaclot leads is expected to double in the next four years, reaching $60 billion by 2024. As of January 1, Jaclot will be a member of CDPQ’s executive committee, reporting directly to CDPQ President and Chief Executive Officer Charles Emond. Before joining CDPQ in 2018, Jaclot was senior vice president at Schneider Electric, a global energy management company in London. His previous experience includes managing major international mergers and acquisitions, through which is said to have developed a dual expertise in investing and asset management. Other changes in the oversight of the real assets program will take effective in January including the promotion of Jean-Marc Arbaud to managing director of CDPQ Infra. Harout Chitilian will be promoted to vice president of corporate affairs, development and strategy at CDPQ Infra. He will report directly to Arbaud in executing and developing the unit’s business strategy. Meanwhile on the private equity side of the portfolio there are some changes too, Martin Laguerre, also becomes an executive vice president in private equity and capital solutions, after being managing director of capital solutions at CDPQ. He joined in 2019 from heading up the power and renewables portfolio at the Canada Pension Plan Board. This change all comes as Macky Tall leaves his post as head of real assets at the beginning of the year to join a U.S. private investment firm where he will begin working in the spring following a cooling-off period. Tall is expected to be replaced at the beginning of the year as a new chairman of the board for the real assets unit Ivanhoe Cambridge is appointed.

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