Gaz Métro raises $71 mln in funding from Caisse-held Noverco

Gaz Métro LP, a Montréal-based natural gas distribution company, has raised about $100 million in gross proceeds from a private placement offering. Of the total proceeds, about $71 million was raised through an issuance of common shares to Noverco Inc, an ownership vehicle held primarily by Canadian pension fund manager Caisse de dépôt et placement du Québec. The funds raised will be used to rebalance the company's capital structure and other priorities, Gaz Métro said. Last month, a Gaz Métro affiliate agreed to buy Standard Solar Inc, a U.S. developer of solar electric systems.

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