La Caisse Bets Big on Brazil's Power Grid
Two of Latin America's largest energy infrastructure investors are consolidating their Brazilian transmission assets into a single platform, betting on the country's grid modernization push.
La Caisse de dépôt et placement du Québec and Colombia-based Grupo Energía Bogotá (GEB) have signed a final agreement to merge their respective Brazilian power transmission holdings into a jointly controlled, 50/50 venture under the name Verene Energia S.A.
The combined entity will hold 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and over 400 employees across 17 Brazilian states.
A scale the partners say places Verene among Brazil's top five transmission operators.
Verene will pursue growth through network optimization, infrastructure expansion, and potential acquisitions, aligned with Brazil's broader decarbonization objectives.
Emmanuel Jaclot, executive vice-president and head of infrastructure and sustainability at La Caisse, said GEB brings "more than 130 years of operating heritage" to the venture.
Jaclot said the partners plan to grow Verene's footprint in Brazil through acquisitions and continued support for the country's energy transition.
GEB president Juan Ricardo Ortega said the deal marks "a significant milestone" in the company's long-term Brazil strategy, citing the combination of GEB's regional expertise with La Caisse's financial reach.
Financial close is expected by Q4 2026, pending regulatory approvals.
On Friday, La Caisse issued a press release stating it and Grupo Energía Bogotá will establish Brazil’s 5th largest power transmission platform:
Global investment group La Caisse, and Grupo Energía Bogotá (“GEB”), a leading Latin American energy infrastructure group, today announced that they have entered into a final agreement to create a jointly controlled, 50/50 power transmission platform in Brazil, bringing together their respective transmission assets in the country under a single joint venture which will retain the name Verene Energia S.A. (“Verene”).
The combined platform will comprise 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and over 400 employees, with operations spanning 17 Brazilian states. With this scale, Verene will rank among the top five power transmission players in Brazil.
Verene will continue to operate as the reference platform for the combined portfolio and will be positioned to pursue disciplined growth opportunities in Brazil’s transmission market, including the optimization and expansion of existing networks and potential acquisitions, in line with Brazil’s broader grid modernization and decarbonization objectives.
Juan Ricardo Ortega, President at GEB, said:
“Our partnership with La Caisse marks a significant milestone in our long-term strategy for Brazil. By combining our operational expertise and regional market knowledge with the financial strength and global perspective of our partner, we are creating a platform positioned to accelerate growth, expand transmission energy infrastructure, and support Brazil’s energy transition. We believe this alliance will generate sustainable value for our stakeholders and contribute to Brazil’s economic and energy development.”Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure and Sustainability at La Caisse, said:
“By bringing together highly complementary assets under one banner, the partnership establishes Verene as a scaled, business-driven platform with strong financial backing. GEB brings more than 130 years of operating heritage and ranks among Latin America's leading energy infrastructure groups, with deep expertise across the region's transmission sector. Together, we share a vision to strengthen Verene's footprint in Brazil through value-creating acquisitions and continued support for the country's energy transition.”Financial close is expected by Q4 2026, subject to customary closing conditions and relevant consents and approval.
La Caisse was advised by BTG Pactual as financial advisor and Pinheiro Neto Advogados as legal advisor. GEB was advised by Citibank as financial advisor and Mayer Brown as legal advisor.
ABOUT GRUPO ENERGÍA BOGOTÁ
For more than 130 years, Grupo Energía Bogotá has contributed to the development of Latin America’s energy sector through the operation, development and investment in electricity and natural gas infrastructure. Headquartered in Bogotá, the company operates across Colombia, Peru, Brazil and Guatemala, with a diversified portfolio of electricity generation, transmission and distribution and gas transportation and distribution investments.
As a leading Latin American energy group, Grupo Energía Bogotá combines strong corporate governance, operational excellence and a long-term sustainability strategy to improve lives through competitive and reliable energy services. The company is listed on the Colombian Stock Exchange and continues to play a key role in the region’s energy transition and infrastructure growth. Learn more at Grupo Energía Bogotá and LinkedIn.
ABOUT LA CAISSE
For more than 60 years, La Caisse has invested with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over six million Quebecers, while contributing to Québec’s economic development.
As a global investment group, La Caisse is active in major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, its net assets totalled CAD 517 billion. Learn more atLaCaisse.com, LinkedIn or Instagram.
This is another great infrastructure deal where La Caisse is partnering up with Grupo Energía Bogotá (GEB) to invest in Brazil's power transmission lines.
The new platform, a jointly controlled, 50/50 venture under the name Verene Energia S.A., will hold 26 electric transmission concession agreements, more than 9,000 km of transmission lines, and over 400 employees across 17 Brazilian states.
The theme remains the same as other countries. Brazil is growing fast and wants to decarbonize its economy. That means more electric vehicles and higher demand for electricity. Add to this the needs of the AI economy, which means more data centres, and electricity demand will take off in a huge way there.
Are there risks investing in Brazil? Any time you invest in Latin American infrastructure or real estate, you're taking political and currency risk but La Caisse and other large Canadian pension funds know the country very well, and the top bank there (BTG Pactual) advised them on the deal, so I'm very confident the terms of the deal reflect all potential risks.
Again, Juan Ricardo Ortega, President at GEB, summed it up well in the press release when he states this:
“Our partnership with La Caisse marks a significant milestone in our long-term strategy for Brazil. By combining our operational expertise and regional market knowledge with the financial strength and global perspective of our partner, we are creating a platform positioned to accelerate growth, expand transmission energy infrastructure, and support Brazil’s energy transition."
In other related news, earlier today, a press release was issued where BIG Fiber secured $250 million in financing led by Stonepeak Credit and La Caisse to accelerate digital infrastructure expansion:
BIG Fiber, a leading provider of high-capacity dark fiber infrastructure, announced the closing of a $250 million debt facility with an additional $100 million accordion feature. The financing, led by Stonepeak Credit and La Caisse (formerly CDPQ), provides BIG Fiber with significant capital to accelerate the expansion of its core markets and reinforce its position as the premier provider of mission-critical digital infrastructure in the U.S.
The new credit facility follows BIG Fiber’s 2024 milestone, the first-ever green loan in the dark fiber sector, and marks a significant scaling of the company’s financial capacity. Backed by sponsors Columbia Capital and SDC Capital Partners, the expansion of BIG Fiber’s debt facility and the infusion of new capital ensure the company remains well-positioned to meet the escalating infrastructure demands of the AI era.
Proceeds of the facility will be used to refinance existing debt, provide new capital and facilitate the necessary headroom for major network expansions already underway. This includes a significant multi-market buildout in Greater Atlanta, adding over 205 route miles and 165,000 fiber miles to BIG Fiber’s existing market-leading footprint.
“Our partnership with Stonepeak Credit and La Caisse marks a pivotal moment in our mission to empower our customers with highly-scalable and purpose-built dark fiber solutions," said Bruce Garrison, CEO of BIG Fiber. "This financing ensures we have the scale to stay ahead of the escalating demand for modernized infrastructure enabling the AI ecosystem and the necessary digital highways for decades to come.”
"BIG Fiber’s infrastructure delivers critical bandwidth to meet the insatiable demand for both data and compute capacity across its key markets," said Arun Varanasi, Managing Director at Stonepeak Credit. "We are proud to partner with Columbia Capital, SDC Capital Partners, and La Caisse to support the Company's next leg of growth as it positions itself as one of the preeminent dark fiber operators in the country."
“BIG Fiber is well positioned to meet the growing connectivity needs of enterprises and data centers seeking new, high quality infrastructure options,” said Jérôme Marquis, Managing Director and Head of Private Credit at La Caisse. “Its resilient business model, underpinned by long term contracts and strong structural demand, positions the company well for growth. Together with Stonepeak Credit, we’re providing a tailored financing solution that supports the continued build out of essential digital infrastructure.”
The latest expansion will bring BIG Fiber’s Atlanta and San Francisco Bay Area network capacity to 850 route miles and over 3 million fiber miles. Projects are currently under construction or contract, with phased Ready for Service (RFS) dates expected in early 2027.
About BIG Fiber
BIG Fiber is a metro dark fiber provider that offers high capacity, strategically placed, dark fiber networks to mission critical data centers, Hyperscalers and enterprises throughout the San Francisco Bay Area, Greater Portland and Greater Atlanta areas. BIG Fiber’s 100% underground network meets critical data needs for enterprises and data centers that require new, quality infrastructure options. BIG Fiber’s San Francisco Bay Area network offers more than 320 route miles and 65 data centers. The Greater Portland network has more than 20 route miles and 15 data centers, and the Greater Atlanta network has more than 550 route miles and 30 data centers. BIG Fiber was founded in 2019 and is headquartered in Sunnyvale, California. Visit www.bigfiber.com to learn more.
About Stonepeak Credit
Stonepeak Credit is the credit investing arm of Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately $88 billion of assets under management. Stonepeak Credit targets credit investments across the transportation and logistics, energy and energy transition, digital infrastructure, and social infrastructure sectors that provide essential services with downside protection, high barriers to entry and visible, recurring revenue generation. It seeks to provide capital solutions that are flexible across the capital structure while generating cash yield through majority senior secured credit investments.
Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, Abu Dhabi, and Riyadh. For more information, please visit www.stonepeak.com.
This is another example of a private credit deal where La Caisse is partnering up with Stonepeak Credit to provide credit to BIG Fiber to grow its operations to meet the growing demands of bandwidth during the AI build-out phase.
Bruce Garrison, CEO of BIG Fiber summed it up: "This financing ensures we have the scale to stay ahead of the escalating demand for modernized infrastructure enabling the AI ecosystem and the necessary digital highways for decades to come.”
What else? La Caisse is on record that it wants to double its allocation to private debt in the next 5 years and these are the type of large transactions that will enable it to get to its target.
Jérôme Marquis, Managing Director and Head of Private Credit at La Caisse and his team are on pace to meet this target.
Below, understanding Brazil's Transmission Model: A Presentation by Luiz Barroso: CEO of PSR Energy Consulting and Analytics and former Director of Brazilian Energy Planning Agency (two years ago).
In this International Online Conference for the African School of Regulation (ASR), Luiz Barroso explores the Brazilian electricity transmission business model.
Excellent presentation, take the time to listen to his insights.
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