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CDPQ provides CA$150-million in financing to ContourGlobal’s concentrated solar power asset purchase

La Caisse de dépôt et placement du Québec (“CPDQ”), a leading global institutional investor, today announced that it provided CA$150 million (€100 million) in financing to support the acquisition by ContourGlobal Mirror 2 S.à.r.l. (“ContourGlobal”) of a portfolio of concentrated solar power (“CSP”) assets in Spain.

ContourGlobal is a growth platform for acquiring and developing energy assets with long-term contracts across many geographies.

In February 2018, ContourGlobal successfully reached an agreement to acquire the CSP assets from Acciona, a Spanish conglomerate group that develops and manages infrastructure and renewable energy assets. The portfolio consists of five CSP assets in the south-west region of Spain whose operation commencement dates range from 2009 to 2012.

Marc Cormier, Executive Vice-President, Fixed Income at CDPQ, said: “We are pleased to contribute to the global clean energy transition by helping companies like ContourGlobal increase their presence in the renewable energy sector. ContourGlobal’s acquisition added 250MW of solar energy to its portfolio, more than tripling its solar capacity.”

In the last two years, CDPQ participated in several investments related to solar energy. CDPQ provided CA$50.4 million in financing to Sunrun, a leader in the U.S. residential solar industry, and acquired a significant minority stake in Azure, one of India’s largest solar companies. It also announced plans to implement the largest private multi-family residential rooftop solar project at New York City’s Stuyvesant Town-Peter Cooper Village.