CDPQ Boosts Renewable Energy Portfolio with Japanese Solar Power Plant Stake
CDPQ, a Canadian pension fund with CAD $434bn in net assets, has expanded its renewable energy portfolio with an 80% stake acquisition in a Japanese solar power plant. The Inuyama solar power plant, with a capacity of 31MW, can power approximately 7,850 homes. This investment was made in partnership with Shizen Energy as part of a CAD $460m co-investment framework.
CDPQ's initial investment in Shizen Energy was CAD $186m in October 2022. Emmanuel Jaclot, CDPQ's executive vice-president and head of infrastructure, expressed delight in investing with Shizen Energy, highlighting Japan's significance in Asia's decarbonisation efforts.
In addition to this acquisition, CDPQ has increased its stake in renewable energy company Boralex to 15% through an additional investment. Furthermore, CDPQ committed CAD $200m to Swedish battery developer Northvolt AB for the Northvolt Six project, as stated in its 2023 annual report.
CDPQ and Shizen Energy are exploring further co-investment opportunities in the energy transition space, demonstrating their commitment to sustainable energy projects. This acquisition aligns with CDPQ's strategy to invest in renewable energy and reduce carbon emissions.
