Ontario Construction News staff writer
Pomerleau Capital says it has launched the PCap Infrastructure and Renewables Fund to supplement its existing work in the financing of infrastructure and renewable energy projects.
The fund, which has received the backing from Caisse de dépôt et placement du Québec (CDPQ), will create long-term value for its investors by leveraging Pomerleau’s construction experience and its #1 position in Canada in renewable energy projects through its subsidiary Borea Construction, the company said in statement last Wednesday (Feb. 9).
“This is an exciting time for Pomerleau Capital as we seek to seize the great opportunities ahead of us to shape the future in a sustainable way,” said PhilippeAdam, president of Pomerleau Capital and executive-vice president andCFO of Pomerleau.
“Communities need hospitals, public transportation, renewable energy production facilities and infrastructures of the highest quality while investors want to be involved with real asset projects that will not only provide them with excellent and steady returns, but will also have a positive societal impact,” Adam said in a statement. “Our leading construction operations will allow us to invest early in these complex projects as we are effectively managing the construction part of the process, while providing us with a natural deal flow pipeline.
The fund will deploy more than $85 million in long-term equity investments in infrastructure and renewable energy projects across Canada and the U.S. “that have the ability to generate stable and predictable revenues.,” Pomerleau says in the statement. “The target infrastructure sectors covered by the Fund include wind and solar power, as well as power storage, hospitals and senior housing, roads, bridges and tunnels, manufacturing installations, office towers and data centres.”
ESG criteria form part of the fund’s investment policy, from project origination through investment portfolio management. The equity under management could be increased on par with future deal pipeline and strong investor demand.
To date, Pomerleau Capital has raised more than $2 billion to finance large and complex infrastructure projects across the country and currently manages an asset portfolio of $750 million.