CDPQ to invest USD 134m in Shizen Energy's renewables growth
Hau Giang solar farm. Image by Shizen Energy (www.shizenenergy.net)
October 24 (Renewables Now) - Canadian investment group Caisse de depot et placement du Quebec (CDPQ) will inject JPY 20 billion (USD 134.3m/EUR 136.3m) into Japan’s Shizen Energy Inc to help the renewables developer expand at home and internationally.
The arrangement will help Shizen Energy beef up the development of renewable energy projects and carry out initiatives related to energy digitalisation and human capital growth in key markets, the companies said on Monday. The move has given CDPQ a seat on the Japanese firm’s board of directors.
Shizen Energy is focusing its work on solar photovoltaic (PV), onshore and offshore wind, hydro and biomass power generation. Its activities include conducting research on energy management systems powered by renewables and signing power purchase agreements for wind and solar projects in southeast Asia and Brazil.
In addition to CDPQ’s initial investment, the Canadian firm has committed to spending up to JPY 50 billion on the Japanese firm’s business. According to the Nikkei newspaper, CDPQ’s first step will be to subscribe to JPY 20 billion worth of convertible bonds to be offered by Shizen Energy later this month.
Shizen Energy says it has so far been involved in 1 GW of renewable energy schemes in Japan and abroad. The group has set a goal for 5 GW by end-2022 and 10 GW by 2030.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.