Innergex Renewable Energy — ~4 GW operating renewable portfolio (hydro, wind, solar, storage) across Canada, US, Chile, and France
La Caisse (formerly CDPQ, Quebec pension giant) acquires Innergex at C$13.75/share — 58% premium to 30-day VWAP. Total enterprise value ~C$10B. Closed July 21, 2025. La Caisse subsequently syndicated up to 20% to Quebec/Swiss institutional investors. Take-private ends 18-year run on TSX. Significant US wind/solar exposure.
$10.00B
Deal Value
4,000MW
Capacity
Hybrid
Technology
International
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- Innergex Renewable Energy public shareholders
- Buyer / Financier
- La Caisse (CDPQ)
- Deal Value
- C$10B (~US$7.3B)
- Stage
- Operating
- ISO/RTO
- Multiple
- Source
- La Caisse
Service Providers
Advisory & Legal
- Buyer Counsel
- Fasken Martineau DuMoulin, White & Case
- Buyer Financial Advisor
- TD Securities, Moelis & Company
- Seller Counsel
- Osler, Hoskin & Harcourt; McCarthy Tétrault; Norton Rose Fulbright Canada
- Financial Advisor
- TD Securities, Moelis & Company, BMO Capital Markets, CIBC Capital Markets, Greenhill & Co.
- notes
- Innergex Special Cmt advised by Greenhill (Mizuho) + NRF Canada. White & Case for La Caisse on French aspects. Closed Jul 21, 2025; TD Securities sole lead arranger on $1.2B senior financing.
- Seller Financial Advisor
- BMO Capital Markets, CIBC Capital Markets, Greenhill & Co.
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