On February 25, 2025, CDPQ agreed to acquire Innergex Renewable Energy Inc. (TSX: INE) for C$13.75 per common share in cash, with preferred shareholders receiving C$25.00 per share, plus accrued dividends. The offer represents a 58% premium to Innergex’s last closing price and 80% to its 30-day VWAP. Hydro-Québec, Innergex’s largest shareholder with 19.9% ownership, and the company’s board support the transaction. Innergex’s CEO and CFO will reinvest at least C$15 million into the privatized company. CDPQ will fund the acquisition and debt repayment using cash on hand and a new C$1.2 billion fully underwritten senior financing led by TD Securities. The deal remains subject to shareholder and regulatory approvals, with closing expected by mid-2025.

Innergex was advised by BMO Capital Markets and CIBC Capital Markets (financial) and McCarthy Tétrault LLP (legal), with Greenhill & Co. Canada Ltd. acting as an independent financial advisor and Norton Rose Fulbright Canada LLP as legal counsel to the Special Committee. CDPQ was advised by TD Securities and Moelis & Company LLC (financial) and Fasken Martineau DuMoulin LLP (legal). TD Securities also acted as sole underwriter, sole lead arranger, and sole bookrunner for the C$1.2 billion senior financing supporting the acquisition.