La Caisse Invests $200 Million in Renewa to Promote Clean Energy Infrastructure Development
In a significant move towards enhancing renewable energy infrastructure, La Caisse, a prominent global investment group previously known as CDPQ, has announced its commitment of $200 million to Renewa, a pioneering land financing company focused on renewable energy projects. This investment marks a vital step in backing long-term capital solutions for landowners and the developers of clean energy initiatives across the United States.
Since its inception in 2022, Renewa has actively engaged in securing funding, amassing over $750 million in total commitments, which includes newly acquired debt commitments alongside La Caisse's equity injection. This funding is crucial as the United States transitions to renewable energy sources, requiring considerable land to establish solar, wind, and energy storage infrastructure. It is estimated that over 20 million acres will be necessary to facilitate the clean energy facilities needed for modernizing the nation’s energy landscape and achieving greater energy independence.
Currently, Renewa boasts one of the largest independent land portfolios designated for renewable energy efforts in North America. The company manages either ownership or ground leases for more than 140 major assets associated with clean energy, supporting a total capacity of approximately 26 gigawatts (GW).
Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse, emphasized the strategic value of Renewa’s model, stating, "QIC-backed Renewa is unlocking a critical piece of the renewable energy puzzle—access to land. Given the scale and reach of our global renewable energy projects, we see opportunities with their model." This investment reflects La Caisse's Sustainable Land Management strategy, which focuses on identifying and investing in land assets that yield long-term environmental benefits and sustainability.
The leadership at Renewa, including Co-Founders and Co-CEOs Stephen Lee and Gage Mooring, express enthusiasm about partnering with La Caisse. Lee noted, "We are delighted to have earned La Caisse's support at this stage of Renewa's growth as a leader in the energy transition. With QIC and La Caisse, we have invaluable partners who understand that access to land and innovative capital solutions for landowners and developers are essential to making renewable energy growth possible."
Renewa has seen rapid expansion since its acquisition by QIC-managed funds, increasing its network from supporting just 16 renewable operators across four states to more than 75 across 30 states. This includes collaborations with well-recognized renewable energy developers and independent power producers such as Acciona Energy North America, AES, Deriva Energy, Enbridge, and many more. Through these partnerships, Renewa has solidified its presence in every major U.S. power market, entering critical states like California, Arizona, and New York.
The transaction was supported by Orrick, Herrington & Sutcliffe LLP serving as legal counsel for QIC and Renewa while Eversheds Sutherland and Hogan Lovells provided advisory services to La Caisse. La Caisse’s investment aligns with its commitment to fostering sustainable growth and supporting infrastructure developments that prioritize environmental stewardship and stakeholder engagement.
La Caisse is recognized for its longstanding efforts in generating optimal returns for its depositors while also contributing to the economic development of Quebec. With a portfolio encompassing various sectors, including infrastructure and real estate, La Caisse continues to play a pivotal role in driving investment toward sustainable projects. With the current investment in Renewa, La Caisse aims to not only boost the clean energy sector but also facilitate a more resilient and sustainable energy future for North America.
As Renewa prepares for further expansion, the strategic partnership with La Caisse and QIC is set to enhance its ability to address the increasing demand for renewable energy infrastructure, paving the way for innovative financing models geared toward supporting the clean energy transition.