07-05-2025
Plans to sell REM trains to the U.S. have been scrapped, Caisse says
After dreaming of exporting its light automated rail service (REM) to the United States, the chairman of Quebec's Caisse de dépôt et placement du Québec told a legislative committee on Tuesday the idea had been scrapped.
Charles Emond told Liberal MNA Frédéric Beauchemin that the context in which the pension fund had several conversations in 2018 about exporting the service had changed.
'I have no intention of exporting the model to the United States in the same way it was discussed at the time,' Emond said. 'All of the team is concentrated on delivering the project (the REM expansion in Montreal) in its entirety.'
Emond justified the change in policy by noting that 'charity begins at home.'
His comments come as the existing REM service between Brossard and Central Station continues to be interrupted because of what operators describe as ' technical issues ' or, in some cases, winter weather.
Meanwhile, the Caisse defended its investments and operations in India in the wake of what the Liberal opposition is describing as a 'scandal' hit the institution.
The Caisse invested US$470 million in Azure Power Global, an India-based solar energy company that is now worth no more than US$100 million because of questionable business practices and corruption.
Emond said Quebecers 'should not be worried,' saying the incident was an isolated case.
