Quebec pension fund manager buys stake in U.S. power company from Brookfield Asset Management
The Caisse de Depot et Placement du Quebec (CDPQ), headquarters is seen in downtown Montreal, Wednesday, Aug.16, 2023. (Christinne Muschi, The Canadian Press)
The Caisse de depot et placement du Quebec has signed a deal with Brookfield Asset Management and its institutional partners to buy their 25 per cent stake in British power company First Hydro Co.
Financial terms of the deal by the Quebec investment manager were not immediately available.
First Hydro is responsible for the management and operation of two power plants in Wales.
Emmanuel Jaclot, CDPQ's executive vice-president and head of infrastructure, says the investment marks the fund's first foray into pumped hydro storage.
French utility Engie is the majority shareholder in First Hydro with the remaining 75 per cent stake.
The deal is expected to close by the end of 2024.
(TSX:BAM)
This report by The Canadian Press was first published on Sept. 24, 2024.
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