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FERC OKs Invenergy sale of up to 11.4% passive stake to Canadian pension fund

The Federal Energy Regulatory Commission authorized Invenergy Wind Holdings LLC to sell a roughly 11.4% passive, noncontrolling ownership stake in Invenergy Renewables LLC to CDPQ Renewable Holdings Inc., a subsidiary of a Canadian pension fund manager.

Invenergy Wind and CDPQ Renewable Holdings are parties to an option agreement under which Invenergy Wind has the right to divest up to an 11.382% interest prior to Jan. 10, 2019.

CDPQ Renewable Holdings holds an approximate 21.1% stake in Invenergy Renewables, and CDPQ Investments (U.S.) Inc. holds an approximate 32.5% interest. The transaction would increase CDPQ Renewable Holdings' interest in Invenergy Renewables to about 32.5%; CDPQ Investments' holdings will not change. Invenergy LLC will remain the managing member of Invenergy Renewables.

According to the FERC order, issued Dec. 17, Invenergy Wind and Invenergy Renewables own and operate 4,171 MW of wind and solar capacity in the U.S. An application for the sale was filed with FERC on Oct. 31.

CDPQ Renewable Holdings and CDPQ Investments are subsidiaries of Canadian pension fund manager Caisse de dépôt et placement du Québec. (FERC docket EC19-20)