Canadian investor CDPQ Inc. is set to buy a 15 percent stake in a subsidiary of utility company AES Corp. (NYSE: AES) for $244 million.
The AES business, which owns Indianapolis Power & Light Co., will receive an additional $349 million through 2016, pushing the ownership stake to 17.65 percent.
AES, based in Arlington, Virgina, has been selling assets throughout 2014. In November, an investor group comprised of Koc Holding AS and Aygaz AS agreed to acquire a 49.6 percent stake in an Istanbul-based electric utility company, the remainder of which it did not own, from AES Mont Blanc Holdings BV for $125 million.
In August, the company sold four wind farms to SYND Holdco Ltd., a joint venture between Greencoat UK Wind plc and Swiss Life Funds (Luxembourg) Global Infrastructure Opportunities SCA, for $160 million.
In January, AES sold three wind farms in Minnesota, Iowa and Oregon to Duluth, Minn.-based Allete Inc. (NYSE: ALE) for $27 million. The deal was announced in November 2013.
CDPQ is a private equity firm specializing in investments in medium and large-sized companies in a variety of sectors. The firm was founded in 1995 and is based in Montreal, Canada. Its name is shortened from Caisse de Depot et Placement du Quebec.