Canada’s second-largest public pension fund, Caisse de dépôt et placement du Québec (CDPQ), which is also known in English-language media as La Caisse, announced it will invest $40 million in U.S. rooftop specialist Sunrun.
CDPQ specified that the operation is part of the $234 million senior secured credit facility closed by Sunrun on October 20th, 2017.
“CDPQ is already active in the commercial solar industry in North America and India, so this transaction represents a good opportunity for us to enter the residential sector, which is one of the fastest growing market segments in the U.S. energy industry today,” said CDPQ executive vice-president Marc Cormier. “While generating stable returns in the long term, this financing is also aligned with our strategy to increase our low carbon investments 50% by 2020.”
CDPQ had agreed to provide Ontario-based rooftop solar power producer Potentia Renewables with 107 million CA$ ($78.0 million) in debt-funding in May.
Prior to these two transactions, CDPQ had invested in wind power projects across North America and in Western Europe, and in renewable energy and solar projects in India. In March 2016, the company announced a $150 million commitment to target hydro, solar, wind and geothermal power assets. Later in January 2017, La Caisse announced it acquired a 20% stake in Indian solar company Azure Power for $75 million.
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