La Caisse invests US$200 million in QIC-backed Renewa to accelerate funding of land under clean energy infrastructure

Houston, New York and Montréal; July 15, 2025 – QIC and global investment group La Caisse (formerly CDPQ) today announced that La Caisse has made a US$200 million primary equity commitment in Renewa, acquiring a stake in the business. Renewa is a fast-growing land under infrastructure company that provides long-term capital solutions to landowners and renewable energy project developers across the United States. With La Caisse’s equity commitment as well as new debt commitments from other sources, Renewa has now secured total funding commitments of more than US$750 million since inception in 2022.

As the global energy transition unfolds, Renewa is employing innovative land financing partnerships to meet the critical need for land suitable to support clean energy projects. More than 20 million acres of land in the US will be needed to accommodate the solar, wind, and energy storage facilities required to modernize the nation’s energy infrastructure and enhance energy independence, according to estimates.

Renewa owns one of the largest independent portfolios of land under renewable energy projects in North America. The company either owns the land or holds a ground lease under more than 140 major clean energy assets with total exposure to clean energy projects representing approximately 26 GW of renewable energy.

“QIC-backed Renewa is unlocking a critical piece of the renewable energy puzzle: access to land. Given the scale and reach of our global renewable energy projects, we see opportunities with their model,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. “With this investment from our sustainable land management strategy, we hope to accelerate the development of key infrastructure while safeguarding ecosystems and managing local stakeholders.”  

“We are delighted to have earned La Caisse’s support at this stage of Renewa’s growth as a leader in the energy transition,” said Stephen Lee and Gage Mooring, Co-Founders and Co-CEO’s of Renewa. “With QIC and La Caisse, we have invaluable partners who understand that access to land and innovative capital solutions for landowners and developers are essential to making renewable energy growth possible. We look forward to working together to further expand our footprint across North America and build a more resilient energy future.”

“We take great pride in Renewa’s unique approach: financing the energy transition from the ground up,” said Arash Shojaie, Partner, QIC Infrastructure. “As Renewa continues to grow, we are pleased to welcome La Caisse as a like-minded partner that is equally committed to see value in the growth outlook for the business.” 

Renewa’s network has grown substantially since its acquisition by QIC-managed funds in 2022. It has expanded from supporting 16 renewable operators in 4 states to more than 75 across 30 states, including top-tier renewable energy developers and international independent power producers (IPPs) such as Acciona Energy North America, AES, Deriva Energy, Enbridge, Enel Green Power North America, Invenergy, Lightsource bp, Pattern Energy, SB Energy, Strata Clean Energy, Swift Current Energy, and Total Energies. In doing so, Renewa has established a presence in every major US power market and entered key states including California, Arizona, Colorado, Illinois, Indiana, New York, Ohio, Virginia, and Nevada.

Orrick, Herrington & Sutcliffe LLP acted as legal counsel and Guggenheim Securities acted as exclusive financial advisor to QIC and Renewa on the transaction. Eversheds Sutherland and Hogan Lovells acted as legal and tax counsels to La Caisse on the transaction.

About Renewa
Renewa is a renewable energy land financing company accelerating the clean energy transition by acquiring land and lease interests under renewable energy projects. Renewa partners with landowners, developers, and project owners to deploy long-term capital across a ground lease portfolio representing ~26 GW of clean energy in 30 U.S. states, with interests in over 140 projects operated by more than 75 clean energy companies. For more information, visit renewa.com.

La Caisse’s Sustainable Land Management Strategy
La Caisse is making this investment via its Sustainable Land Management initiative, established in 2020 within its Infrastructure portfolio. The mandate seeks to invest in land-focused assets with long-term positive environmental and sustainability impact.

About La Caisse
At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development. As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, La Caisse’s net assets totalled CAD 473 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

About QIC Infrastructure
QIC Infrastructure is a long-term infrastructure investor with an established international platform, an active-management approach and a proven 18-year track record. With an international team of 87 professionals across five offices, QIC Infrastructure manages A$38.4 billion (US$23.8 billion) across 21 international direct investments. QIC is a market leader in the Australian energy transition, managing A$7.6 billion (US$4.7 billion) in Australian and New Zealand energy assets since 2007 across the energy value chain (as of Dec. 31, 2024).

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