Fonds de solidarité FTQ Invests $30 Million in PNCW Ligne de Transmission
The Fonds' investment will advance its goal to reach $12 billion in sustainable assets and support the energy transition
Waswanipi, May 31, 2024
The Fonds de solidarité FTQ is investing $30 million in PNCW Ligne de transmission, limited partnership, to support the use of clean energy in the Windfall mining project. An initiative of the Cree First Nation of Waswanipi , PNCW is responsible for developing an 85.5-kilometre transmission line that will connect Hydro-Québec's lines to the Windfall Mining Group's project in the James Bay territory.
The transmission line will reduce the use of fossil fuels by replacing them with hydroelectricity, a renewable energy and one of the most effective tools to combat climate change. It is estimated that the use of diesel will be reduced by 64 million litres and that 174,000 tonnes of CO2 emissions will be avoided annually.
"This project demonstrates that we can fight climate change and at the same time further regional economic development in Québec. It doesn't matter where you are or if you operate in a more traditional sector, there are things you can do to protect the environment. We are proud to partner with the Cree First Nation of Waswanipi and the government of Québec, which is supporting this transmission line project, to contribute to the sustainable development and energy transition of the region," said Dany Pelletier, Senior Vice-President, Private Equity and Impact Investments, at the Fonds de solidarité FTQ.
The investment in PNCW Ligne de transmission is in line with the Fonds' goal to have $12 billion in sustainable assets by May 31, 2027.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created 40 years ago. Since then, the Fonds has rallied Québec into action thanks to the retirement savings of 769,459 shareholders.
With net assets of $18.9 billion as at November 30, 2023, the Fonds supports more than 3,700 companies through venture and development capital investments based on the belief that impact is created as much by financial as social returns. For more information, visit fondsftq.com or our company page on LinkedIn.
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