Quebec’s public sector pension fund manager La Caisse de dépôt et placement du Québec is giving Potentia Renewables Inc. $107 million in debt financing so the company can continue to invest in solar and wind development projects in North America and abroad.
"Over the years, Potentia has demonstrated its ability to deliver successful projects. Today's transaction provides the company with the financing necessary to expand its portfolio of assets in the renewable energy sector," said Marc Cormier, executive VP of fixed income at la Caisse.
La Caisse had previously invested in a Potentia solar project which was recently completed.
"We are pleased to complete the financing with la Caisse and successfully build on our existing debt relationship with a premier pension fund manager," said Jeff Jenner, CEO at Potentia Renewables. "Potentia will use the capital to invest in its large platform of solar and wind development projects in North America and abroad and accelerate its profitable growth."
Potentia Renewables has approximately 570 solar projects in operation with a combined capacity of 97 MW, or enough to power 12,000 homes annually.
Through this transaction, la Caisse adds to its growing investments in solar energy, an industry which has been marked by recent significant growth. The pension fund manager has an interest in one of India's largest solar power producers, in addition to multiple Canadian solar projects. La Caisse is also a major investor in wind power projects across North America and in Western Europe.