CDPQ takes full control of Energir

Caisse de dépôt et placement du Québec (CDPQ) has substantially increased its majority interest in Énergir through the acquisition of Enbridge's 38.9% interest in Noverco Inc. by Trencap L.P.

Following this CAD1.14 billion (US$943 million) transaction led by CDPQ, Trencap will own 100% of Noverco, which owns 100% of Énergir. CDPQ currently owns 64.74% of Trencap, alongside minority limited partners, including the Fonds de solidarité FTQ.

With assets of over CAD8 billion (US$6.6 billion) and 530,000 customers across Québec and the northeastern United States, Énergir is a diversified energy business, with half of its assets now involved in the production and distribution of electricity and renewable energies and in providing energy services. Through subsidiaries and other investments, Énergir is present in the United States, where it produces electricity from hydro, wind, and solar sources, in addition to being the primary distributor of electricity and the sole distributor of natural gas in Vermont.

The acquisition of Enbridge's minority interest is conditional to customary regulatory approvals. The transaction is expected to close by early 2022.