Going Private • Renewable Energy

La Caisse Acquires Innergex Renewable Energy

On February 25, 2025, asset manager La Caisse acquired renewable energy company Innergex Renewable Energy for 10.0B USD

Acquisition Context
  • This is La Caisse’s 5th transaction in the Renewable Energy sector.
  • This is La Caisse’s largest (disclosed) transaction.
  • This is La Caisse’s 48th transaction in Canada.
  • This is La Caisse’s 45th transaction in Quebec.

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M&A Deal Summary

Date February 25, 2025
Target Innergex Renewable Energy
Sector Renewable Energy
Buyer(s) La Caisse
Deal Type Going Private
Deal Value 10.0B USD
Advisor(s) BMO Capital Markets
CIBC Capital Markets (Financial)
McCarthy Tétrault (Legal)

Target Company

Innergex Renewable Energy

Longueuil, Quebec, Canada
Innergex Renewable Energy develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms. Innergex Renewable Energy was founded in 1990 and is based in Longueuil, Quebec.
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Buyer Overview 1

Buyer

La Caisse

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1965
PE ASSETS 90.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.


Deal Context for Buyer #
Overall 104 of 106
Sector: Renewable Energy 5 of 6
Type: Going Private 6 of 6
State: Quebec 45 of 45
Country: Canada 48 of 48
Year: 2025 1 of 3
Size (of disclosed) 1 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-21 Northvolt

Stockholm, Sweden

Northvolt is a supplier of sustainable, high-quality battery cells and systems. Northvolt has made swift progress on its mission to deliver lithium-ion battery with a minimal CO2 footprint and has grown to over 4,500 people from over 110 different nationalities. Northvolt was founded in 2016 and is based in Stockholm, Sweden.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-20 QIMA

Hong Kong, China

QIMA is a provider of cloud based supply chain compliance solutions, that partners with brands, retailers and importers to secure, manage and optimize their global supply network. QIMA was founded in 2005 and is based in Hong Kong, China.

Sell -