La Caisse to expand Invenergy stake

Invenergy is seeking US regulatory approval for a proposed agreement to sell a 24.7% equity interest in subsidiary Invenergy Wind to Caisse de depot et placement du Quebec (CDPQ), one of Canada’s largest institutional fund managers.

Financial terms of the proposed transaction were not made public.

Invenergy, the third largest US-owned wind developer after NextEra Energy Resources and Berkshire Hathaway Energy, wants the Federal Energy Regulatory Commission (FERC) to rule on the proposed deal by 7 July.

La Caisse, based in Montreal, in early 2013 acquired an initial equity stake in Invenergy’s wind farm portfolio that includes 11 US and two Canadian projects. In April, it made a C$42m ($38m) investment in the 135.7MW Parc des Moulins wind farm in Quebec.

In addition, Liberty Mutual Insurance, which currently holds a 16.5% equity interest in Invenergy Wind, will make an additional investment to maintain its ownership at approximately the same level.  FERC approval is also required.