Grosvenor CPC I Inc. (TSXV: GRVA.P) has received conditional approval from the TSX Venture Exchange for its Qualifying Transaction involving two Quebec-based private renewable energy companies, 9409-5072 Quebec Inc. (operating as EnerGen Canada) and Gestion Faraday Énergie Inc. The company also made its Filing Statement publicly available on November 11, 2026. Closing is expected on or about November 23, 2026, subject to final regulatory approvals and customary conditions. Investors in the Capital Pool Company will be watching closely as Grosvenor moves toward completing this transformative business combination.

Key Points

  • Grosvenor CPC I Inc. (TSXV: GRVA.P) has received conditional TSXV approval for its Qualifying Transaction
  • The transaction involves acquiring all shares of EnerGen Canada and Gestion Faraday Énergie Inc., both Quebec hydroelectric power producers
  • Transaction closing is targeted on or about November 23, 2026, pending final exchange acceptance and other conditions
  • Investors should monitor final TSXV acceptance and any required minority shareholder approval ahead of the targeted closing date

Transaction Structure and Acquisition of Quebec Hydroelectric Assets

Under the Share Transfer Agreement dated August 27, 2026, Grosvenor's wholly-owned subsidiary Purchaseco will acquire all issued and outstanding shares of both target companies. Purchaseco and Finco, another wholly-owned Grosvenor subsidiary, will then amalgamate to form Amalco, which will become a wholly-owned subsidiary of the resulting issuer. The targets collectively operate three run-of-river hydroelectric generating stations in Quebec, with all electricity sold to Hydro-Québec under long-term power purchase agreements, providing the resulting issuer with contracted renewable energy revenue.

Hydroelectric Portfolio: Chute-Blanche and La Sarre River Stations

EnerGen Canada's subsidiary operates the Chute-Blanche hydroelectric generating station, a 1.5 MW facility located in Sainte-Jeanne-d'Arc, Québec, commissioned in 1998 and acquired in 2020. Gestion Faraday Énergie Inc. holds interests in two plants on the La Sarre River, approximately 75 km north of Rouyn-Noranda, with installed capacities of 1,050 kW and 750 kW respectively, for a combined capacity of approximately 1,800 kW. Both La Sarre stations sell output to Hydro-Québec under power purchase agreements that replaced original agreements dating to the 1990s.

Reconstituted Board and Management Team for the Resulting Issuer

Upon closing, two directors and one officer of Grosvenor are expected to resign. The resulting issuer's board will include Martin Dallaire as Executive Chairman, David St-Roch as Chief Executive Officer, Jean-François St-Roch as Chief Technology Officer, and Quentin Bricard as Corporate Secretary and Director, among others. Maxime Levesque, holding the Adm.A and CBV designations, has been appointed as proposed Chief Financial Officer. The release states Mr. Levesque earned his Bachelor of Accounting from UQAM in 2009 and subsequently obtained his Chartered Business Valuator designation.