- Investment in a critical national infrastructure providing 76%
of the United Kingdom's total
pumped hydro storage capacity
MONTRÉAL and LONDON, Sept. 24,
2024 /PRNewswire/ - CDPQ, a global investment
group, today announced it has entered into an agreement with
Brookfield Asset Management (NYSE: BAM) (TSX: BAM) and its
institutional partners, including its listed affiliate Brookfield
Renewable (NYSE: BEP) (NYSE: BEPC) (TSX: BEP.UN) (TSX: BEPC)
(together "Brookfield"), to acquire its 25% stake in First Hydro
Company, a critical electricity generation and storage facility in
the United Kingdom. Engie is the
majority shareholder who owns the remaining 75% of the company.
Responsible for the management and operation of two power plants
at Dinorwig and Ffestiniog in the Snowdonia region of Wales, First Hydro offers a capacity of more
than 2,000 MW, representing 76% of the total pumped hydro storage
in the United Kingdom, making it a
critical infrastructure to face the country's increasing needs of
grid flexibility and stability.
"First Hydro is playing a critical role in helping the
United Kingdom manage its national
electricity system and meet its net zero commitment by providing
renewable electricity and storage capabilities," said Emmanuel
Jaclot, CDPQ's Executive Vice-President and Head of
Infrastructure. "This investment marks CDPQ's first foray into
pumped hydro storage, and we are delighted to join forces with
Engie, a longstanding partner for CDPQ and a world leader in the
energy sector."
"We are pleased to have supported First Hydro throughout our
ownership period including securing its long-term future through
active management of the business. First Hydro will continue to
provide considerable renewable power to the U.K. long into the
future," said Ignacio
Gomez-Acebo, Managing Director at Brookfield.
Financial close is expected by end of 2024, subject to customary
closing conditions and relevant consents and approval.
ABOUT CDPQ
At CDPQ, we invest constructively to
generate sustainable returns over the long term. As a global
investment group managing funds for public pension and insurance
plans, we work alongside our partners to build enterprises that
drive performance and progress. We are active in the major
financial markets, private equity, infrastructure, real estate and
private debt. As at June 30, 2024,
CDPQ's net assets totalled CAD 452 billion. For more
information, visit cdpq.com, consult our LinkedIn or Instagram
pages, or follow us on X.
|
CDPQ is a registered
trademark owned by Caisse de dépôt et placement du Québec and
licensed for use by its subsidiaries.
|
About Brookfield Asset Management
Brookfield Asset
Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global
alternative asset manager with approximately $1 trillion of assets under management. We invest
client capital for the long-term with a focus on real assets and
essential service businesses that form the backbone of the global
economy. We offer a range of alternative investment products to
investors around the world — including public and private pension
plans, endowments and foundations, sovereign wealth funds,
financial institutions, insurance companies and private wealth
investors.
Brookfield operates Brookfield Renewable Partners (NYSE: BEP,
TSX: BEP), one of the world's largest publicly traded platforms for
renewable power and sustainable solutions. Our renewable power
portfolio totals over 34,000 megawatts and our development pipeline
stands at approximately 200,000 megawatts. Our portfolio of
sustainable solutions assets includes our investments in
Westinghouse (a leading global nuclear services business) and a
utility and independent power producer with operations in the
Caribbean and Latin America, as well as both operating
assets and a development pipeline of carbon capture and storage
capacity, agricultural renewable natural gas and materials
recycling.
For more information
CONRAD HARRINGTON
Senior
Director – International Media Relations
+ 1 514
847-5493
charrington@cdpq.com
JOHN HAMLIN
Manager – Communications
+44 743 605 4717
john.hamlin@brookfield.com
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SOURCE CDPQ