Caisse de dépôt et placement du Québec (CDPQ) and Asia-Pacific’s leading renewable energy provider, Vena Energy, have reached an agreement worth approximately US$90 million to issue a bond for a green project in Japan.
This is CDPQ’s first financing of a renewable energy project in Japan and Vena Energy’s first foray into the international bond market.
The funds will be used to finance an operating and fully contracted solar power project with a capacity of 35 MW.
Located in Fukushima Prefecture, the project “enables renewable energy to power more than 7,000 Japanese homes per year,” the CDPQ said in a news release on Tuesday.
“Compared to conventional thermal power generation, this project would avoid up to 22,283 tons of greenhouse gases (GHG) annually and save around 35,000,000 liters of water,” we specified.
“As demand for clean energy increases globally, this financing aligns well with our strategy to support critical, high-value infrastructure that contributes to the energy transition,” said Marc Cormier, senior vice president and head of fixed income at CDPQ.