The CDPQ still believes in the future of natural gas supplier Énergir, even if the company is facing headwinds.
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The institution increased its stake and now owns 80.9% of the company in one of its largest transactions in Quebec last year.
“It’s a company in which we have invested for several years, which has provided an extremely attractive return for depositors,” said CDPQ boss Charles Emond.
Silent on the $400 million
The latter did not wish to comment on the controversy surrounding the agreement between Hydro-Québec and Énergir. The state corporation could pay $400 million to its competitor as part of a dual-energy conversion program in order to reduce greenhouse gas emissions.
But some groups denounce the agreement and do not believe that it is the role of Hydro-Quebec customers to finance a fossil fuel supplier.
“Natural gas is a transition energy that is here to stay. […] They are exemplary in the targets they have set themselves,” said Mr. Emond, whose institution had announced a plan to withdraw from fossil fuels.
The CDPQ now has total assets of $78 billion in the Quebec economy, a “historic” increase of $10 billion over the past year.
“The Quebec mandate has always been at the heart of the institution. […] We have a diversified economy, we have the emergence of new companies, we support them to go international,” he said.