MONTREAL, July 26, 2012 /CNW Telbec/ - The Caisse de dépôt et placement
du Québec (the "Caisse") has acquired, through a private placement,
ownership and control over 9,632,399 common shares of Québec-based
company Innergex Renewable Energy Inc. ("Innergex"), or about 10.3% of
Innergex's issued and outstanding common shares, at a price of $10.27 a
share for a total cost of $98.9 million.
The subscription was made through private equity under the accredited
investor exemption pertaining to the applicable securities regulations.
The investment in Innergex's common shares comes just after the company
announced the acquisition of 70% of the Magpie hydroelectric generating
station in Minganie RCM, Québec, and the acquisition of Wildmare, a
wind energy project in British Columbia.
Earlier today, Innergex also announced the introduction of a
dividend-reinvestment program. The Caisse has agreed to contribute at
least 50% of its shares to the program for 12 months.
"Through this transaction, the Caisse is participating in the growth of
a Québec leader that is extremely well positioned in renewable energy,
a sector with a promising future," explained Normand Provost, Executive
Vice-President, Private Equity. "As shown by its recent acquisitions,
Innergex is expanding at a fast pace. Our goal is to support this
company's growth while generating attractive returns for our
"We're pleased and honoured to count the Caisse de dépôt et placement du
Québec among our shareholders. We consider their investment to be a
recognition of our accomplishments and a vote of confidence in our
long-term growth prospects, on behalf of a world-class Quebec
institution", said Michel Letellier, President and Chief Executive
Officer of Innergex.
"The quality of the management team and its ability to perform in a
sector where cost control and deadlines are critical and often complex
are beyond question," Mr. Provost added. "Innergex has an impressive
track record of stable and predictable long-term returns, mainly
because of the nature of its operations, which involve long-term
Having made its initial investments in Innergex in 1995, the Caisse
enjoys a long-standing relationship with the company.
This transaction was carried out for investment purposes and the Caisse
may increase or decrease its investment in Innergex, depending on
market conditions or other relevant factors.
A copy of the early warning report will be filed with the applicable
Canadian securities regulatory authorities and will be available on
SEDAR's website (www.sedar.com) or by contacting the person mentioned below.
ABOUT INNERGEX RENEWABLE ENERGY INC.
Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian
independent renewable power producer. Active since 1990, the Company
develops, owns, and operates run-of-river hydroelectric facilities,
wind farms, and solar photovoltaic farms and carries out its operations
in Québec, Ontario, British Columbia, and Idaho, United States. Its
portfolio of assets consists of: i) interests in 26 operating
facilities with an aggregate net installed capacity of 494 MW (gross
880 MW), including 20 hydroelectric operating facilities, five wind
farms, and one solar photovoltaic farm; ii) interests in nine projects
under development or under construction with an aggregate net installed
capacity of 231 MW (gross 374 MW), for which power purchase agreements
have been secured; and iii) prospective projects with an aggregate net
capacity totaling 2,904 MW (gross 3,127 MW). Innergex Renewable Energy
Inc. is rated BBB- by S&P and BBB (low) by DBRS. The corporation's
strategy for building shareholder value is to develop or acquire
high-quality facilities generating sustainable cash flows and providing
a high return on invested capital, and to distribute a stable dividend.
For more information: www.innergex.com
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution
that manages funds primarily for public and private pension and
insurance plans. As at December 31, 2011, it held $159.0 billion in net
assets. As one of Canada's leading institutional fund managers, the
Caisse invests in major financial markets, private equity and real
estate. For more information: www.lacaisse.com
SOURCE: CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
For further information:
Senior Advisor, Media Relations