CDPQ has provided part of the €485 million ($474 million) acquisition financing to support a friendly tender offer launched by KKR for the purchase of Albioma, an independent French renewable-energy producer.
CDPQ said it is the main lender in the transaction, alongside other commercial lenders and banks.
Albioma operates more than 1 gigawatt of installed capacity through thermal, solar and geothermal power assets, mainly in French metropolitan and overseas territories. The company aims to end coal use by 2025 by pursuing the conversion of its coal-fired power plants into primarily residual biomass power plants and generate 100 percent of its electricity from renewable energy by 2030.
“Albioma SA provides essential infrastructure that delivers renewable energy in French overseas territories and the company has taken deliberate action to convert its operational thermal plants away from coal,” said Marc Cormier, executive vice president and head of fixed inc