CDPQ Increases its Majority Stake in Énergir

CDPQ announced a substantial increase in its majority interest in Énergir through the acquisition of Enbridge's 38.9% interest in Noverco Inc by Trencap LP.

June 08, 2021. By News Bureau

Caisse de dépôt et placement du Québec (CDPQ), a global investment group, announced a substantial increase in its majority interest in Énergir through the acquisition of Enbridge's 38.9% interest in Noverco Inc by Trencap LP.

Following this $1.14-billion transaction led by CDPQ, Trencap will own 100% of Noverco, which owns 100% of Énergir. CDPQ currently owns 64.74% of Trencap, alongside minority limited partners, including the Fonds de solidarité FTQ.

With assets of over $8 billion and 530,000 customers across Québec and the northeastern United States, Énergir is a diversified energy business, with half of its assets now involved in the production and distribution of electricity and renewable energies and in providing energy services. The main distributor of natural gas in Québec, Énergir also produces electricity in the province from wind power through joint-venture companies. Through subsidiaries and other investments, Énergir is present in the United States, where it produces electricity from hydro, wind and solar sources, in addition to being the primary distributor of electricity and the sole distributor of natural gas in Vermont.

"CDPQ's first investment in Énergir dates back to 2004. For more than 15 years, we have been supporting this Québec company in its growth and diversification, in both Québec and the United States," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. "With this transaction, CDPQ is furthering its support of Énergir, an innovative business that is working to decarbonize its operations for the benefit of its customers, for example by focusing on energy efficiency and renewable gas, thus contributing to a greener North American economy."

The acquisition of Enbridge's minority interest is conditional to customary regulatory approvals. The transaction is expected to close by early 2022.

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