- SPE 7 will be integrated into Verene Energia, CDPQ's power
transmission platform, expanding its portfolio of existing
assets
- Acquisition reaffirms CDPQ's interest in the transmission
sector where it sees opportunities for further investment to unlock
the full potential of renewable energy projects
MONTRÉAL and SÃO PAULO,
July 9,
2024 /CNW/ - Verene Energia, a power transmission
platform, and its owner CDPQ, a global investment group, today
announced an agreement with Equatorial Energia S. A. for the
acquisition of SPE 7, a strategic and modern power transmission
network spanning 124 kilometres in the state of Pará, in northern
Brazil.
The transaction, valued at up to CAD 210
million (BRL 841 million),
marks CDPQ's third power transmission investment in Latin America in two years, following the
acquisition of power lines extending nearly 1,800 kilometres in
Brazil and Uruguay, which are now part of Verene Energia,
a power transmission platform launched by CDPQ.
Equipped with two high-tension transmission line segments and
one substation, SPE 7's transmission network connects the northern
and the northeastern parts of Brazil, an area that predominantly produces
renewable electricity. Built in 2020, with a sound design and
operating track record, SPE 7 is well positioned to continue
playing a critical role in meeting Brazil's national grid low-carbon
standing.
Emmanuel Jaclot, CDPQ's Executive Vice-President and Head of
Infrastructure, said: "This new transaction reaffirms our
commitment to investing in critical assets that unlock the full
potential of renewable energy projects and accelerate energy
transition, particularly in Brazil, a core market for us. To this end, we
will continue to grow Verene Energia, the driving force for the
development and operation of CDPQ's power transmission assets in
Latin America."
Financial close is expected by December
2024, subject to customary closing conditions and relevant
consents and approval.
ABOUT CDPQ
At CDPQ, we invest constructively to generate sustainable
returns over the long term. As a global investment group managing
funds for public pension and insurance plans, we work alongside our
partners to build enterprises that drive performance and progress.
We are active in the major financial markets, private equity,
infrastructure, real estate and private debt. As at December 31, 2023, CDPQ's net assets totalled
CAD 434 billion. For more information, visit cdpq.com,
consult our LinkedIn or Instagram pages, or follow us on X.
CDPQ is a registered
trademark owned by Caisse de dépôt et placement du Québec and
licensed for use by its subsidiaries.
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SOURCE CDPQ