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Canada Should Take Note of La Caisse's Big Nuclear Investment in the UK

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Barbara Shecter of the National Post reports that La Caisse's $3.2-billion investment in a nuclear project is the kind of deal Canada wants — too bad it's in the UK: The Caisse de dépôt et placement du Québec ’s $3.2-billion investment in a new nuclear energy facility this week is the kind of deal Canada is hoping the country’s largest pensions and institutional investors will step up to fund — but it’s happening overseas, in England, alongside the U.K. government. The Quebec’s pension giant’s 20 per cent stake in the Sizewell C nuclear power station in Suffolk was part of a final funding push to greenlight the project, of which the U.K. government owns 44.9 per cent. Once completed, the country’s first new nuclear plant since 1995 is expected to reduce carbon emissions and provide more than 60 years of “clean, reliable power to the U.K. grid, helping to boost the U.K.’s economy (and) strengthen energy security.” The deal is noteworthy for a couple of reasons: first...

Michael Yang Departs OMERS Ventures as Part of a Strategic Shift

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Madison MacLauchlan of BetaKit also reports   Michael Yang to depart OMERS Ventures as pension fund refocuses on Canada in “strategic shift”: Michael Yang is stepping down from his role as head of OMERS Ventures as the Canadian public pension fund undergoes a “strategic shift” to refocus its investment activity in Canada, BetaKit has learned.  In an email sent today by OMERS managing director Saar Pikar, he noted that the pension fund has decided to increase its focus on Canadian investment “while continuing to pursue selective opportunities in the US through both direct investments and strategic partnerships.” The change comes after a strategic review of OMERS’s private equity business. As part of the new strategy, Pikar will take on an expanded role as managing director and head of ventures and growth. OMERS Ventures partner Laura Lenz has also been promoted to managing director, the email said. OMERS confirmed both appointments and Yang’s departure in an ...

La Caisse Invests US$2.3B in UK Nuclear Plant Sizewell C

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Sarah Young and Nina Chestney of Reuters report UK approves Sizewell C nuclear plant after La Caisse investment: Britain has secured investment for the Sizewell C nuclear plant from Canadian pension fund La Caisse, Centrica and Amber Infrastructure, enabling the government to give the final go-ahead on Tuesday for the 38 billion pound ($51 billion) project .   Under the deal, the British state will be the largest shareholder in the project with a 44.9% stake, La Caisse will hold 20%, UK energy firm Centrica 15% and London-based Amber Infrastructure will take an initial 7.6%, joining France's state-owned EDF which had already announced its 12.5% stake.   The decision to go ahead with Sizewell C in eastern England is another sign of a nuclear revival in Europe as several countries look to build new plants to replace ageing fleets, boost energy security and reach climate goals.   The plant in Suffolk will be only the second new nuclear plant built in Britain...

La Caisse Completes Acquisition of Innergex

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 Renewable Energy News reports  La Caisse completes acquisition of Innergex:  Global investment group La Caisse has finalised the acquisition of Innergex Renewable Energy and mobilised a group of investors to support its long-term growth. La Caisse said the transaction represents a key step in the growth of one of Canada’s leading renewable energy platforms. As part of the transaction, La Caisse has syndicated approximately 20% of its invested capital to bring in like-minded investors who share its vision for the next chapter of Innergex’s growth. This approach brought together a group of investors, including several Québec institutions such as Investissement Québec, Desjardins Global Asset Management and Fondaction. This syndication was also open to international investors, including 14 Swiss institutional investors who will join the syndicate of Québec investors mobilised by La Caisse. Executive vice president and...

Non Profitable Tech Stocks Partying Like It's 1999

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Stan Choe of the Associated Press reports  Wall Street closes a record-breaking week with a quiet finish Wall Street closed its third winning week in the last four with a quiet finish on Friday. The S&P 500 edged down by a whisper, less than 0.1 per cent, after setting its all-time high the day before. The Dow Jones Industrial Average fell 142 points, or 0.3 per cent, and the Nasdaq composite edged up by less than 0.1 per cent to add its own record. Norfolk Southern chugged 2.5 per cent higher after an AP source said it’s talking with Union Pacific about a merger to create the largest railroad in North America, one that would connect the East and West coasts. Any such deal, though, would likely face tough scrutiny from U.S. regulators. Union Pacific’s stock fell 1.2 per cent.  The heaviest weight on the market, meanwhile, was Netflix, which fell 5.1 per cent despite reporting a stronger-than-expected profit. Analysts said it wasn’t a surprise given the stock ha...