Global investment group CDPQ has announced it will acquire all the issued and outstanding common shares of renewable power producer Innergex Renewable Energy for $13.75 per share in cash.

The acquisition marks an approximately 58% increase over the closing price of common shares on the Toronto Stock .

The two companies entered into a definitive agreement in which CDPQ will also acquire all of Innergex’s Series A and C issued and outstanding preferred shares for $25 per share in cash. The total transaction value is $10 billion.

The acquisition was approved by Innergex’s common shareholders, fulfilling other customary closing conditions as well.

Preferred shareholders will be repaid the full subscription price of $25 per share, reflecting a premium over the 30-day volume-weighted average share price of approximately 24% for Series C and 58% for the Series A preferred shares.

Innergex has operations in Canada, the U.S., France, and Chile, with 90 projects in operation totaling 3,707 MW. Of these projects, 42 are hydroelectric, 36 are wind, nine are solar, and three are battery energy storage. The company also holds interests in 17 projects under development with a net installed capacity of 945 MW.

The company has other renewable energy projects under various stages of development, with a gross installed capacity of 10,288 MW.

Recently, Innergex and Westbank First Nation 30-year electricity purchase agreement with BC Hydro for the electricity to be generated by the 160 MW K2 wind project in Canada’s Pennask Mountain area.

Last year, Innergex announced an agreement to sell minority interests in its Texas-based 826 MW renewable energy portfolio. The company planned to sell 49.9% of the Phoebe and Griffin Trail facilities and 22.2% of the Foard City facility for a total equity consideration of US$188 million.

In 2023, the company closed a $534 million construction financing package. The financing included a $203 million ten-year non-recourse term loan with BNP Paribas, Credit-Agricole CIB, Export Development Canada, and MUFG Bank, acting as Joint Lead Arrangers.