Caisse de Dépôt Acquires Innergex in $10B Renewable Energy Deal
Big news in the renewable energy sector—Caisse de dépôt et placement du Québec (CDPQ), one of Canada’s largest pension funds, has struck a major deal to acquire Innergex Renewable Energy. This agreement, valued at a whopping $10 billion including debt, marks a significant shift for Innergex, a key player in hydro, wind, solar, and energy storage across Canada, the U.S., France, and Chile.
Under the deal, CDPQ will buy Innergex shares at $13.75 each, a solid 58% premium over the last closing price on the Toronto Stock Exchange. The transaction offers Innergex shareholders immediate liquidity and a strong valuation, making it an attractive move for investors.
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The decision to go private under CDPQ’s ownership is being hailed as a strategic step forward. Innergex’s board has given unanimous approval, and Hydro-Québec, which holds nearly 20% of Innergex’s shares, has agreed to support the acquisition. The deal is expected to close by the end of 2025, pending regulatory and shareholder approvals.
Why does this matter? First, it strengthens CDPQ’s already impressive renewable energy portfolio. With a goal of owning $54 billion in low-carbon assets, this acquisition aligns perfectly with their long-term investment strategy. Second, it positions Innergex for accelerated growth without the pressures of stock market volatility. CEO Michel Letellier highlighted how this move provides stability, capital access, and the flexibility to expand while staying true to their sustainability mission.
In a time when global energy markets are shifting rapidly, this deal underscores the growing importance of renewables. With CDPQ’s financial backing, Innergex is now set to scale its operations and drive innovation in clean energy. This isn’t just a corporate transaction—it’s a bold step toward a more sustainable future.
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