Caisse de dépôt et placement du Québec (CDPQ) and Plenary Group (Canada) Ltd. (Plenary Americas) today announced CDPQ’s acquisition of Plenary Americas, an investor, developer, and operator of public infrastructure in North America.

With this investment, CDPQ acquires Plenary Americas’ operating business, as well as a controlling stake in its existing public-private partnership (PPP) portfolio. With 36 projects, Plenary Americas’ collection of social and civil infrastructure assets is unique in both its geographic and sectoral diversification. Plenary’s under-construction portfolio of P3 projects in Canada includes the Mackenzie Vaughan Hospital, Corner Brook Acute Care Hospital, CAMH Phase 1C Redevelopment, and the Library and Archives Canada Preservation Centre.

“Plenary Americas is recognized for its highly skilled project development team and solid operational expertise. It is well positioned to act on growth opportunities, notably in the United States, where infrastructure needs are rising and long-term investors, such as CDPQ, can play a role in bridging the funding gap,” said Emmanuel Jaclot, executive vice‑president and head of infrastructure at CDPQ. “For CDPQ, it is an opportunity to strengthen our presence in social infrastructure and create a powerful platform to develop assets that are at the heart of communities.”

John O’Rourke, Plenary’s global chairman, explained that CDPQ and Plenary have been partners since 2012 when CDPQ first invested in Plenary’s Australian PPP projects. “Our long-standing relationship gives us enormous confidence in the success of the acquisition for both CDPQ and the North American business. The acquisition validates Plenary’s global standing in the PPP market and our long-term partnership model”, he noted.

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“There is a natural fit between CDPQ and Plenary Americas, and we are closely aligned with their investment philosophy, their culture and their values,” said Brian Budden, President and CEO of Plenary Americas. “We are very enthusiastic about the potential of this new platform, and we are confident that our PPP expertise, combined with CDPQ’s strength and investment experience, will allow us to seize new opportunities.”

In addition to this investment, CDPQ maintains its close relationship and 20 per cent ownership interest in Plenary Asia Pacific. Plenary Americas and Plenary Asia Pacific will continue to work together closely, sharing knowledge and resources, and potentially exploring new markets.


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