La Caisse invests $510 million to support NorthStar Energy Storage's growth as a Canadian leader in battery infrastructure

INFRASTRUCTURE

MONTRÉAL AND CALGARY, APRIL 7, 2026

• La Caisse acquires 60% equity stake in NorthStar Energy Storage for $510 million, valuing the company at $850 million equity value and $1.2 billion enterprise value.
• Investment includes an additional $200 million growth capital facility over 3 years to accelerate project development, bringing La Caisse's total commitment to $710 million.
• NorthStar operates 650 MW / 1,300 MWh of battery energy storage systems with a 1,800 MW / 3,600 MWh development pipeline across North America.
• Transaction supports Québec's economic development with 3 pipeline projects totaling 180 MW / 360 MWh and an expected $280 million investment in the province over 2027-2028.
• Partnership aligns with La Caisse's Climate Action Plan, enabling ~500,000 tonnes CO2e avoided annually through renewable integration.

La Caisse today announced the acquisition of a 60% equity stake in NorthStar Energy Storage Inc. ("NorthStar"), a leading Canadian battery energy storage company, for $510 million. The transaction values NorthStar at an equity value of $850 million and a total enterprise value of $1.2 billion.

As part of the transaction, La Caisse is also committing an additional $200 million growth capital facility over three years to accelerate NorthStar's project development pipeline, bringing La Caisse's total capital commitment to $710 million. Existing investor GreenPower Capital will retain a 25% stake, while management and employees will retain 15% ownership.

Headquartered in Calgary, Alberta, NorthStar operates 650 MW / 1,300 MWh of battery energy storage systems across 12 facilities in Ontario, Alberta, British Columbia, and Texas. The company has a robust development pipeline of 1,800 MW / 3,600 MWh, including projects under construction and in advanced development.

Emmanuel Jaclot, EVP and Head of Infrastructure at La Caisse: "NorthStar represents an exceptional opportunity to invest in a Canadian company at the forefront of the energy transition. Battery storage is critical infrastructure for enabling renewable energy integration and grid modernization—themes that will drive decades of growth. We're partnering with a proven management team that has built an industry-leading platform with a strong existing revenue base and a compelling pipeline. This investment reflects our conviction in the sector and our commitment to supporting Canadian companies as they scale to become national and international leaders."

Sarah Chen, President & Chief Executive Officer of NorthStar Energy Storage: "This partnership with La Caisse marks a transformational moment for NorthStar. Their patient, long-term capital and deep infrastructure expertise provide us with the platform we need to execute on our ambitious growth plans while maintaining the operational independence and entrepreneurial culture that have been core to our success. Together, we're uniquely positioned to become a leader in energy storage across North America and play a meaningful role in the energy transition."

Michael Dubois, Board Chair of NorthStar Energy Storage: "Through a comprehensive strategic review process, the Board identified La Caisse as the ideal partner to support NorthStar's next chapter. Their reputation as a patient, value-oriented infrastructure investor, combined with their commitment to sustainability and the energy transition, made them the clear choice. This partnership provides the resources and strategic support our management team needs to execute their growth plan while creating value for all stakeholders."

The investment aligns strongly with La Caisse's dual mandate, including significant economic development benefits for Québec. NorthStar's development pipeline includes three projects in Québec totaling 180 MW / 360 MWh, representing an expected investment of $280 million over 2027-2028. These projects will support Québec's energy transition goals and enable greater renewable penetration in the provincial grid.

Furthermore, the transaction supports La Caisse's Climate Action Plan and 2040 net-zero portfolio target. NorthStar's operating portfolio enables the avoidance of approximately 500,000 tonnes of CO2e annually by facilitating the integration of 1,200 MW of intermittent renewable generation and reducing curtailment.

The transaction is expected to close in July 2026, subject to customary closing conditions including Competition Bureau clearance and Investment Canada Act approval. NorthStar's management team, led by CEO Sarah Chen, will remain in place, and the company will maintain its Calgary headquarters.

CIBC Capital Markets and Evercore acted as financial advisors to La Caisse, and Stikeman Elliott LLP acted as legal advisor. BMO Capital Markets and RBC Capital Markets acted as financial advisors to NorthStar, and Blake, Cassels & Graydon LLP acted as legal advisor.

About NorthStar Energy Storage

NorthStar Energy Storage is a leading Canadian battery energy storage company focused on developing, constructing, and operating utility-scale and commercial & industrial storage projects across North America. Founded in 2019 and headquartered in Calgary, NorthStar operates 650 MW / 1,300 MWh of operating assets and is advancing a pipeline of 1,800 MW / 3,600 MWh of development projects. The company partners with utilities, independent system operators, and corporate offtakers to enable renewable energy integration, enhance grid reliability, and support the energy transition. For more information, visit northstarenergystorage.com.

About La Caisse

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec's economic development.

As a global investment group, we're active in the major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, La Caisse's net assets totalled $517 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of La Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

Cautionary Statement Regarding Forward-Looking Information

This news release contains "forward-looking statements" within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect current views with respect to, among other things, operations and financial performance (collectively, "forward-looking statements"). Forward-looking statements include statements that are predictive in nature and depend upon or refer to future results, events or conditions. The estimates, beliefs and assumptions of La Caisse and NorthStar are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions.

In particular, statements regarding the Transaction, including proposed timing and the various steps contemplated in respect of the Transaction and statements regarding the plans, objectives or intentions of La Caisse or NorthStar, are forward-looking statements. Forward-looking statements and information are based on La Caisse and NorthStar's beliefs, assumptions and expectations of their respective future performance, taking into account all information currently available to them. Such forward-looking statements and information are subject to risks and uncertainties and assumptions relating to their respective operations, financial results, financial condition, business prospects, growth strategy and liquidity.

Forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of La Caisse or NorthStar, that could cause actual results to differ materially from those disclosed or implied by such forward-looking statements. Risks and uncertainties related to the Transaction include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory approvals and other conditions to the closing of the Transaction or for other reasons; the failure to realize the expected benefits of the Transaction; the business of NorthStar may experience significant disruptions due to Transaction-related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of NorthStar; the risk that legal proceedings may be instituted against La Caisse or NorthStar; significant transaction costs or unknown liabilities; and risks related to the diversion of management's attention from NorthStar's ongoing business operations while the Transaction is pending.

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, La Caisse or NorthStar undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

For more information

Media contact
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