Caisse de dépôt et placement du Québec (CDPQ) has increased its stake in Invenergy Renewables, a privately held renewable energy company.

CDPQ will now own a 52.4% economic ownership in Invenergy Renewables, while Invenergy will continue to manage the company.

Invenergy Renewables is into wind and solar power generation and advanced energy storage projects. It has developed projects totalling around 14,000MW.

With presence in the Americas, Europe and Asia, Invenergy has built an expertise in the development, construction, operations and maintenance of renewable projects.

Invenergy president & chief operating officer Jim Murphy said: “CDPQ is leading the way as investors recognise the tremendous potential of renewable energy.

“Invenergy has created a world class platform for the development and operations of clean energy projects, and our partnership with CDPQ strengthens that platform.”

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In 2013, CDPQ initially invested in wind farms operated by Invenergy.

In 2014, CDPQ acquired a direct stake in Invenergy Renewables, which inturn allowed it to secure exposure to the development and construction of greenfield renewables projects. Since then, CDPQ has gradually increased its investment in Invenergy.

CDPQ investment and infrastructure senior vice-president Rana Ghorayeb said: “Invenergy is a true renewable energy leader. Over the years, we have seen the company’s impressive know-how, particularly in developing and operating projects, and its capacity to continuously innovate.

“The wind and solar energy sector is a promising one for CDPQ, and this investment is in line with our strategy announced last fall to increase our exposure to low-carbon assets.”