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Fighting climate change
Fighting climate change
Fondaction invests to create Eolectric Capital joint venture
Montreal, October 3, 2017 – Fondaction is proud to announce an investment to create, in partnership with Eolectric, Eolectric Capital joint venture (EOCAP) dedicated to the development and acquisition of renewable energy projects. Eolectric’s strong expertise in the renewable energy sector, a sector favoured by Fondaction, will enable the fund to pursue its mission towards sustainable development.
"Fondaction is committed to supporting the development and implementation of various initiatives to reduce greenhouse gas emissions in order to contribute to the fight against climate change. Fondaction has partnered with a leader in development, financing and green infrastructure management to step up its efforts in this area. Eolectric Capital is an important lever to support the bold initiatives of Quebec companies that imagine innovative solutions based on renewable energies which are the energies of the future” said Stephan Morency, Deputy Chief Investment Officer of Fondaction.
"The union with Fondaction allows EOCAP to invest at market rates in mature infrastructure projects, but also in development stages normally reserved for venture capital. This is a fairly unique formula in the market. Today's announcement marks a new milestone for Éolectric. Fondaction's presence on our side gives us the means to meet our ambitions and allows us to implement our growth plan, in other words to use our expertise in wind energy in other sectors" said Marc-Antoine Renaud, President of EOCAP.
Founded in 2001, Eolectric is a developer, owner and operator of renewable energy projects and power generation facilities. The company has developed, financed and managed energy infrastructure projects totaling more than 800 MW allocated mainly through tenders for major electricity suppliers nationally and internationally. Today, it manages more than $ 500 million in assets for investor groups.
Fondaction invests in Quebec SMEs in order to contribute towards maintaining and creating jobs in Quebec, with a perspective in sustainable development. It manages more than $ 1.7 billion in assets from retirement savings from more than 137,000 shareholders. Through its investments or commitments, either directly or through partner or specialized funds, Fondaction supports the development of more than 1,200 SMEs that contribute with distinction to the economic, social and environmental development of Quebec, including several companies of the social economy.