La Caisse Commits $200M to QIC-Backed Renewa
In a decisive move to supercharge the clean energy transition, Canadian investment powerhouse La Caisse has committed $200 million in primary equity to Renewa, a QIC Infrastructure-backed platform that finances renewable projects by acquiring or leasing land underneath them. The investment, announced Tuesday, marks a critical endorsement of land-as-infrastructure strategies aimed at unlocking gigawatts of green energy across the U.S.
This latest injection of capital pushes Renewa’s total financial backing past $750 million since its 2022 launch. The equity and debt raise—structured with guidance from Orrick Herrington & Sutcliffe LLP—fortifies Renewa’s position as a land market leader in the renewable sector. La Caisse was represented by Eversheds Sutherland and Hogan Lovells, though further legal details remain under wraps.
Renewa’s Land-First Strategy Attracts Global Backing
“Access to land is the hidden gatekeeper of the clean energy revolution,” said Renewa co-CEOs Stephen Lee and Gage Mooring. “With QIC and La Caisse, we’ve secured two backers who understand that progress in renewables hinges as much on real estate as on technology.”
Renewa operates behind the scenes of the clean power boom, either owning or leasing land beneath 140+ renewable energy projects across 30 states. These sites collectively support approximately 26 gigawatts of capacity—roughly equal to powering 5 million homes.
Headquartered in Houston, Renewa has evolved into one of the largest independent landholders under renewable infrastructure in North America, enabling developers to scale solar and wind energy more efficiently.
Hui Ching-hoo of Asia Asset Management also reports Canada pension fund La Caisse pays US$200 million for stake in US firm Renewa:
Canadian pension fund La Caisse has invested US$200 million for a stake in Renewa, a US firm that provides long-term capital solutions to landowners and developers of renewable energy projects.
Houston-based Renewa is backed by Queensland Investment Corporation (QIC), an investment company owned by the government of Australia’s Queensland state.
La Caisse, formerly known as Caisse de dépôt et placement du Québec, announced its investment in a statement on July 15 without disclosing the percentage stake acquired. The pension fund made the investment through the sustainable land management initiative within its infrastructure portfolio.
“QIC-backed Renewa is unlocking a critical piece of the renewable energy puzzle: access to land. Given the scale and reach of our global renewable energy projects, we see opportunities with their model,” according to Emmanuel Jaclot, executive vice president and head of infrastructure at La Caisse.
“With this investment from our sustainable land management strategy, we hope to accelerate the development of key infrastructure while safeguarding ecosystems and managing local stakeholders,” he adds.
With the pension fund’s investment, Renewa has now secured more than $750 million of funding commitments since QIC invested in the firm in 2022.
La Caisse, which manages public pension plans and insurance schemes in the province of Quebec, had C$473 billion ($344 billion) of assets under management as of end-2024.
La Caisse issued a press release stating it has invested US$200 million in QIC-backed Renewa to accelerate funding of land under clean energy infrastructure:
QIC and global investment group La Caisse (formerly CDPQ) today announced that La Caisse has made a US$200 million primary equity commitment in Renewa, acquiring a stake in the business. Renewa is a fast-growing land under infrastructure company that provides long-term capital solutions to landowners and renewable energy project developers across the United States. With La Caisse’s equity commitment as well as new debt commitments from other sources, Renewa has now secured total funding commitments of more than US$750 million since inception in 2022.
As the global energy transition unfolds, Renewa is employing innovative land financing partnerships to meet the critical need for land suitable to support clean energy projects. More than 20 million acres of land in the US will be needed to accommodate the solar, wind, and energy storage facilities required to modernize the nation’s energy infrastructure and enhance energy independence, according to estimates.
Renewa owns one of the largest independent portfolios of land under renewable energy projects in North America. The company either owns the land or holds a ground lease under more than 140 major clean energy assets with total exposure to clean energy projects representing approximately 26 GW of renewable energy.
“QIC-backed Renewa is unlocking a critical piece of the renewable energy puzzle: access to land. Given the scale and reach of our global renewable energy projects, we see opportunities with their model,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at La Caisse. “With this investment from our sustainable land management strategy, we hope to accelerate the development of key infrastructure while safeguarding ecosystems and managing local stakeholders.”
“We are delighted to have earned La Caisse’s support at this stage of Renewa’s growth as a leader in the energy transition,” said Stephen Lee and Gage Mooring, Co-Founders and Co-CEO’s of Renewa. “With QIC and La Caisse, we have invaluable partners who understand that access to land and innovative capital solutions for landowners and developers are essential to making renewable energy growth possible. We look forward to working together to further expand our footprint across North America and build a more resilient energy future."
“We take great pride in Renewa’s unique approach: financing the energy transition from the ground up,” said Arash Shojaie, Partner, QIC Infrastructure. “As Renewa continues to grow, we are pleased to welcome La Caisse as a like-minded partner that is equally committed to seeing value in the growth outlook for the business.”
Renewa’s network has grown substantially since its acquisition by QIC-managed funds in 2022. It has expanded from supporting 16 renewable operators in 4 states to more than 75 across 30 states, including top-tier renewable energy developers and international independent power producers (IPPs) such as Acciona Energy North America, AES, Deriva Energy, Enbridge, Enel Green Power North America, Invenergy, Lightsource bp, Pattern Energy, SB Energy, Strata Clean Energy, Swift Current Energy, and Total Energies. In doing so, Renewa has established a presence in every major US power market and entered key states including California, Arizona, Colorado, Illinois, Indiana, New York, Ohio, Virginia, and Nevada.
Orrick, Herrington & Sutcliffe LLP acted as legal counsel and Guggenheim Securities acted as exclusive financial advisor to QIC and Renewa on the transaction. Eversheds Sutherland and Hogan Lovells acted as legal and tax counsels to La Caisse on the transaction.
La Caisse’s Sustainable Land Management Strategy
La Caisse is making this investment via its Sustainable Land Management initiative, established in 2020 within its Infrastructure portfolio. The mandate seeks to invest in land-focused assets with long-term positive environmental and sustainability impact.
This is an excellent investment in a firm that secures land rights for renewal energy properties.
As the press release states, Renewa owns one of the largest independent portfolios of land under renewable energy projects in North America. The company either owns the land or holds a ground lease under more than 140 major clean energy assets with total exposure to clean energy projects representing approximately 26 GW of renewable energy.
The press release also notes La Caisse is making this investment via its Sustainable Land Management initiative, established in 2020 within its Infrastructure portfolio. The mandate seeks to invest in land-focused assets with long-term positive environmental and sustainability impact.
It's a different way of investing in the renewable energy theme (less cyclical) and an intelligent way of investing in sustainable land management.
If you read more about Renewa on its website, you'll note they are leading the energy transition from the ground up:
Quite an impressive company in a niche market.
Below, some Renewa success stories.
First, when seasoned real estate investor Stephen Darnell sought to monetize a portion of this unique commercial/recreational land, Renewa was the "smart money," delivering a competitive offer to buy the land and renewable energy lease. Today, Tres Bahias, is the largest operating solar project in Calhoun County, Texas and the third largest in the Texas Gulf Coast region.
Next, learn about Dallas Perkins, a retired Harvard Professor, who secured his financial future by working with Renewa. He inherited land on the other side of the country from his Boston home and entered into a long-term solar energy lease. Uncomfortable with an uncertain future, he trusted Renewa to deliver a “life-changing” lump sum payout.
Lastly, Historic Pierce Ranch has been in Laurance and Andrew Armour’s family for generations. By selling their solar energy lease interests to Renewa, they secured immediate capital to keep the ranch running with peace of mind that it would be protected for generations to come.
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