Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ are investing an additional $575 million in renewable natural-gas producer Énergir.

The investment is designed to enable Énergir to execute its decarbonization and resilience strategy and develop renewable energy projects and renewable natural-gas production plants, particularly in Quebec and Vermont, where its subsidiary Green Mountain Power operates.

CDPQ and the Fonds are long-time shareholders in Énergir.

“Supporting the growth and energy transition of our portfolio companies, particularly those in Québec, are central elements of CDPQ’s strategy, and our backing of Énergir since 2004 is a good example of that,” said Emmanuel Jaclot, CDPQ’s executive vice-president and head of infrastructure, said in a news release.

“Alongside the Fonds de solidarité FTQ, we are determined to keep supporting this innovative company as it grows, diversifies and decarbonizes its activities to have a greener North American economy.”

Énergir is a diversified energy company with about $10 billion in assets in Canada and the U.S., where it it produces electricity from hydro, wind and solar sources. Énergir is the primary electricity distributor in Vermont and the sole natural-gas distributor in the state.

“Énergir has a plan to accelerate Québec’s decarbonization and energy transition,” said Gilles Poulin, the Montreal-based Fonds’ vice-president, private equity and impact Investing, aerospace, infrastructure and transportation. “With this new investment, the Fonds is supporting the development of the renewable natural-gas sector, which will help reduce greenhouse-gas emissions from fossil sources.”

Énergir, CDPQ and the Fonds are headquartered in Montreal.

Photo: Énergir