The Caisse de dépôt et placement du Québec is investing $30 million in Harnois Groupe pétrolier, the largest independent distributor of petroleum products in the province.
As part of the transaction, Caisse will acquire 36 Esso gas service stations in Montreal and Quebec City. In turn, the petroleum company will be looking into developing flex-fuel stations and adding fast electric-charging terminals at about 10 gas stations.
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“We believe that by integrating fast electric charging terminals, Harnois, the largest independent network in Quebec, with its 400 service stations, could become one of the first networks to offer this flex-fuel option,” said Christian Dubé, executive vice-president of Quebec at Caisse.
“This would position the company favourably amidst the energy transition underway in the market. This is aligned with la Caisse’s objectives to further the efforts of Quebec companies that make innovation central to their development to grow and diversify, and to become agents of change in their industry.”
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The Fonds de solidarité FTQ, an organization that invests in local businesses to further Quebec’s economic development, has also invested $15 million into Harnois Groupe.