Latest news with #CDPQ
Yahoo
2 days ago
- Business
- Yahoo
Canada's CDPQ, Amber Infrastructure to invest in Britain's Sizewell C, Les Echos reports
PARIS (Reuters) -Canadian investment fund Caisse de depot et de placement du Quebec (CDPQ) will join up with Britain's Amber Infrastructure to become the largest private investors in Britain's Sizewell C nuclear project, French newspaper Les Echos reported on Monday. The business newspaper said that final decisions on the investment would be made on Tuesday if all went well, citing unnamed sources. The pair of private investors would provide 25-30% of the capital for the project, the cost of which has ballooned since initial announcements, Les Echos reported. Britain's government has committed 17.8 billion pounds to the project but has continued to search for investors. Reuters previously reported that U.S.-listed investment fund Brookfield would take a stake of more than 20% in the project in exchange for funds to finance the plant's development and that British utility Centrica could also play a role. French nuclear energy utility EDF is set to invest around 1.1 billion pounds ($1.48 billion), taking a 12.5% stake in the project. CDPQ, Amber Infrastructure and Brookfield did not immediately respond to requests for comment. EDF and the UK government declined to comment. Britain is vying to build new nuclear plants to increase energy security and to reach climate targets. Southeast England's Sizewell C plant is expected to produce electricity to power 6 million homes when operational. ($1 = 0.7419 pounds)
Reuters
2 days ago
- Business
- Reuters
Canada's CDPQ, Amber Infrastructure to invest in Britain's Sizewell C, Les Echos reports
PARIS, July 21 (Reuters) - Canadian investment fund Caisse de depot et de placement du Quebec (CDPQ) will join up with Britain's Amber Infrastructure to become the largest private investors in Britain's Sizewell C nuclear project, French newspaper Les Echos reported on Monday. The business newspaper said that final decisions on the investment would be made on Tuesday if all went well, citing unnamed sources. The pair of private investors would provide 25-30% of the capital for the project, the cost of which has ballooned since initial announcements, Les Echos reported. Britain's government has committed 17.8 billion pounds to the project but has continued to search for investors. Reuters previously reported that U.S.-listed investment fund Brookfield would take a stake of more than 20% in the project in exchange for funds to finance the plant's development and that British utility Centrica could also play a role. French nuclear energy utility EDF is set to invest around 1.1 billion pounds ($1.48 billion), taking a 12.5% stake in the project. CDPQ, Amber Infrastructure and Brookfield did not immediately respond to requests for comment. EDF and the UK government declined to comment. Britain is vying to build new nuclear plants to increase energy security and to reach climate targets. Southeast England's Sizewell C plant is expected to produce electricity to power 6 million homes when operational. ($1 = 0.7419 pounds)
Cision Canada
2 days ago
- Business
- Cision Canada
La Caisse finalizes the acquisition of Innergex and mobilizes a group of investors to support its long-term growth Français
Institutional investors from Québec and around the world commit to supporting Innergex's ambition for sustainable growth and value creation The transaction marks a strategic turning point for this Québec renewable energy leader, with the vast majority of its shareholding remaining in Québec MONTRÉAL, July 21, 2025 /CNW/ - La Caisse (formerly CDPQ) announced today that it has finalized the privatization of Innergex Renewable Energy Inc. This transaction represents a key step in the growth of one of Canada's leading renewable energy platforms. La Caisse also completed the syndication process that was initiated when the transaction was initially announced, in keeping with its stated intention to syndicate up to 20% of the capital it invested in Innergex with investors who share its vision for the next chapter in the company's growth. This approach brought together a group of investors, including several Québec institutions such as Investissement Québec, Desjardins Global Asset Management and Fondaction. This syndication was also open to international investors, including 14 Swiss institutional investors that will join the syndicate of leading Québec investors mobilized by La Caisse. "Innergex is a Canadian renewable energy leader and plays a key role in the energy transition. To shift into a higher gear, the company needed shareholders aligned with its long-term potential, protected from stock market cycles. That's why we brought together a syndicate of Québec and international investors who share this vision," said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. "This privatization immediately provides Innergex with increased financial agility to accelerate the development of large-scale projects. It is a reflection of Innergex's potential and Québec's leadership in the energy transition." "With the strong commitment of a group of leading investors, Innergex is beginning a new chapter in its history," added Michel Letellier, President and Chief Executive Officer of Innergex. "This alliance with partners who believe in our mission and values will enable us to pursue our growth with ambition, agility and vision. Together, we will accelerate the development of promising renewable energy projects, here and around the world, and continue building a more sustainable energy future for all." As the leading shareholder, La Caisse will continue to support Innergex in its long-term growth strategy, both in Canada and internationally, by leveraging its diversified asset portfolio and its expertise in developing renewable energy projects around the world. ABOUT LA CAISSE At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec's economic development. As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2024, La Caisse's net assets totalled CAD 473 billion. For more information, visit or consult our LinkedIn or Instagram pages. La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries. SOURCE La Caisse
Time of India
07-07-2025
- Business
- Time of India
GIP, Macquarie, VINCI join race for stake in CDPQ's India InvIT
Mumbai: Global Infrastructure Partners ( GIP ), Macquarie , and French road developer VINCI Highways are among large global institutional investors vying to acquire a significant minority stake in Maple Infrastructure Trust , an Indian infrastructure investment trust (InvIT) sponsored by Canadian pension fund CDPQ , said people familiar with the matter. CDPQ aims to raise $350-$400 million (₹3,000-₹3,433 crore) through the new round of fundraising, the people said, adding it has appointed Rothschild to manage the process. Maple currently has an enterprise value of about ₹16,000 crore (about $2 billion). The fresh capital will also help finance Maple's recent acquisition of toll road assets from Ashoka Concessions , the people cited above said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo In addition to CDPQ, several other existing investors are also expected to pare their holdings in the InvIT in the fundraising round. As per the current shareholding of Maple InvIT, CDPQ Infrastructure Asia III has a 60% stake. The other shareholders are Maple Highways with 15%; 360 One Group at 18.3%; Fami Strei-the family office of the Taparia family, founders of contraceptive maker Famy Care-with 3.1%, and other investors including the family office of Uday Kotak owning a combined 3.6%. Live Events VINCI, Macquarie, and CDPQ did not respond to email queries. A GIP spokesperson declined to comment. Maple Highways, CDPQ's dedicated roads platform in India, sponsors the InvIT, which manages seven assets. These include the Eastern Peripheral Expressway in the National Capital Region (under the ToT7 model) and Shree Jagannath Expressways (SJEPL) in Odisha. Canada's Public Sector Pension Investment Board (PSP Investments) and Alberta Investment Management Corporation (AIMCo) have also expressed interest in acquiring a stake, as previously reported by ET. In October 2023, Maple Infrastructure Trust acquired five build-operate-transfer (BOT) toll road assets from Ashoka Concessions for a combined enterprise value of ₹5,718 crore. The InvIT reported an income of ₹773 crore in FY24. VINCI Highways, which exited India about a decade ago, is planning a re-entry through strategic acquisitions. A subsidiary of VINCI Concessions, the company had announced plans last September to acquire a 51% stake in Telangana-based HKR Roadways, alongside GIP Emerging Markets Fund, which was to acquire the remaining 49%. However, regulatory challenges reportedly stalled the deal. VINCI exited India in 2015, citing policy shifts in road contract awards. Similarly, GIP had exited India's road sector in 2021, selling its entire stake in Highway Concessions One (HC1)-comprising seven highway assets totalling 487 kilometres across seven states-to private equity firm KKR. Globally, VINCI Highways designs, finances, builds, and operates highways, bridges, tunnels, and urban roads, managing a 3,750-kilometer network across 14 countries. According to a recent report by credit rating agency ICRA , toll collections are projected to grow by 7-9% this fiscal year, driven by higher toll rates.
Edmonton Journal
04-07-2025
- Business
- Edmonton Journal
'Happy coincidence' or master plan: How Carney's team full of Quebecers wants to govern Canada
Article content While some believe Carney has an electoral debt to pay to Quebec, Harder said it's important to look broadly at the key players in a government as a collective. 'Public service is a team sport,' he said. Article content National Post spoke with more than a dozen sources for this article to gain insight into Carney's new team, with a focus on the Quebec angle. Sabia did not comment for this story. Several suggested that the influx of senior officials from that province is largely a coincidence, that they got their jobs simply because of experience and talent. Article content If so, it's a happy coincidence for Carney, a prime minister who grew up mostly in Edmonton, has spent much of his career in Ottawa, and speaks French as a second language. But some academics and other Ottawa insiders suggest that the prime minister is well aware that his connections to Quebec are fragile. Article content Article content 'Quebec is important,' said a source in the prime minister's office that spoke on background. 'The prime minister is not from Quebec, and it is important that he have this perspective. Quebec has its own culture, its own identity, and its own language.' Article content The key question centres on the possible effects of this Quebec-heavy contingent in the Carney government, both in terms of policy and politics. Will it help, for example, earn support for pipelines or ports that require Quebec to be on board? Article content Or could it mean new models or ways of looking at these major projects, such as the use of pension funds as a financial tool? Article content Either way, the Quebec element in the Carney government is, perhaps surprisingly, a marked change from the previous regime. Former prime minister Justin Trudeau, despite being a bilingual Quebecer, was often criticized because people from his home province held a limited number of the top jobs in his government. Article content Article content And so far, no matter the ingredients in the recipe or the motivations behind the government plan, it's clearly working. Carney is widely seen as the most popular politician in Quebec, despite his limited connections to the province. A recent Léger Poll placed him and Joly as the two most popular politicians in Quebec. Article content One of his first moves was to hire the Ontario-born Sabia, one of the best-known and most-respected business leaders in Quebec, to lead the government's swelling public service. Article content When Sabia was appointed head of the CDPQ in 2008, former business journalist Pierre Duhamel, who now advises business people at HEC Montréal, didn't like the hire. Like many other Quebecers at the time, Duhamel was unconvinced by the idea of appointing a 'Canadian' executive with a telecom background to lead Quebec's financial rock. Article content Article content A few years later, Duhamel described Sabia's tenure at such a complex institution as 'remarkable.' After a difficult period in the 2000s, Sabia diversified investments, globalized the Caisse, and launched CDPQ Infra, an infrastructure arm that oversees major infrastructure projects such as Montreal's light rail network, and enabled the pension fund to achieve strong performance. Article content 'But what I admire most are Mr. Sabia's management skills and political acumen,' he wrote in L'Actualité. Article content The Caisse is a public pension fund that has been enshrined in Quebec's economy, culture and politics since 1965. Today, it has 11 offices around the world and $473 billion in assets. Article content The Caisse is also the most recent employer of Carney's new chief of staff, Blanchard, who was a vice-president and head of CDPQ Global. Article content Duhamel said during an interview that he suspected that the two men had not been recruited because of their connections to Quebec, but rather to help facilitate new infrastructure projects that Carney would like to help finance through pension funds or private investors. Article content 'I saw that he was looking for people who knew this world, who were able to assess its potential, but also its constraints,' he said. Article content Sabia has said recently at a public event, however, that the major pension funds — Canada Pension Plan Investment Board and the CDPQ — are likely not the best candidates to help finance most infrastructure projects because they can be too risky for pension funds and are unlikely to deliver strong returns in the early years. Article content Article content Instead, early-stage capital mechanisms that aren't as risk averse need to be developed to get these projects started. Pension funds are more likely to get involved once a project is off the ground and producing returns. Article content Since pension funds are responsible for investing in ways that generate returns for their beneficiaries, which often means investing outside Canada, Trevor Tombe, a economics professor at the University of Calgary, believes they 'should not be seen as a vehicle for economic development.' Article content Quebec has a dual mandate within its public pension plan, he added, but the Canada Pension Plan is different. Article content 'Whether or not the prime minister wants the CPP to invest more in Canada, he can't do it unilaterally,' he added. 'But I think he should ask himself what the underlying reasons are for why capital is sometimes deployed elsewhere.' Article content Article content It all depends on the economic context in the country. Conservative Leader Pierre Poilievre recently told The Hub that he couldn't care less about the origins of Carney's aides, but said he fears the ideology of what he sees as a state-run economy. Article content 'It's a central planning model that has failed every time it's been implemented around the world. It significantly enriches a small group of very influential insiders.' Article content Another possible policy implication from the strong Quebec voices is that the proposed high-speed rail project from Windsor to Quebec City could get stronger support. It could also mean greater advocacy for the province's energy sector, government procurement that could bolster Montreal-area aerospace companies, and prioritizing the health of the aluminum industry in trade talks with the U.S. Article content For Sandra Aubé, Joly's former chief of staff at Foreign Affairs and a former Trudeau advisor, if Carney really wants to make Canada the G7's strongest economy, he has no choice but to create a more unified economy that includes Quebec. Article content 'We must not delude ourselves that Canada's biggest challenge in achieving all this is having energy. If we don't have the necessary electricity, for example, we won't be able to carry out any transformation whatsoever,' said Aubé, now a vice-president at TACT Conseil. Article content Another possible effect is that the high-ranking Quebecers may also be asked to play a unique role in advancing the government's agenda if the government needs to 'sell' the notion of some of the government's proposed big infrastructure projects in that province, according to Lori Turnbull, a political science professor at Dalhousie University in Halifax. Article content The odds of success regarding, for example, running a pipeline through Quebec are greater if high-profile Quebecers are playing a leading role in promoting the idea, she said. Article content Beyond the policy, there are also no doubt political implications of the strong Quebec voice in the Carney government, a wide range of sources say. Article content Article content Firstly, many in Quebec expect that these senior figures, in conjunction with a Quebec caucus of 44 Liberal MPs — more than one quarter of the total Liberal contingent in the House of Commons — will be able to take good care of their home province over the next few years. Article content Quebec Premier Francois Legault stated the case clearly. 'Mark Carney owes one to Quebecers,' he said after the Liberals claimed their best result in a federal election there since 1980. Article content But the flip side, that Carney expects these Quebecers to also help execute the government's agenda in their home province, is likely also true. Article content Beyond who will be best able to deliver for whom, there's also the intangible sense of understanding a part of a country or region. In an interview, Legault's intergovernmental affairs minister Simon Jolin-Barrette said in Carney's government 'there really is a positive change in attitude' and an 'openness toward Quebec' that wasn't always the case with the Trudeau government. Article content Article content Both in Quebec City and Ottawa, there is, at least for now, a feeling that having people from Quebec around the prime minister who know the province, its particularities and positions on language, culture, state secularism and immigration will facilitate a relationship that has often been rocky. Article content The province wants Ottawa to understand its sense of autonomy, but also the need for investments in the province that 'Quebec has its share,' said Jolin-Barrette. 'We sense a greater openness. There is an openness in Ottawa. There is a better understanding of Quebec's issues now, with Mr. Carney.' Article content Turnbull said Carney is clearly trying to show that Quebec is not at a disadvantage because he's from elsewhere. Article content 'There's some politics behind those parts of it,' she said. Article content The Joly and Champagne appointments may have in part been rewards for supporting Carney during the Liberal leadership race, Turnbull said, when either could have been legitimate candidates themselves.
