About us

The CDPQ Infra business model aims to foster effective execution of major public infrastructure projects. It allows CDPQ Infra to generate commercial returns while the government continues to be responsible for identifying proposed projects, determining the public interest to address, and approving the solution to implement on the basis of the options proposed by CDPQ Infra.

The model gives Caisse de dépôt et placement du Québec the opportunity to use its expertise to benefit Québec, to invest in tangible assets, and to implement global best practices to execute work on time and on budget.

An innovative model

The Québec government and la Caisse innovate in public infrastructure projects

The Québec government and la Caisse innovate in public infrastructure projects

Comparative table

Three complementary models for carrying out infrastructure projects

Three complementary models for carrying out public infrastructure projects

Our expertise

The Agreement

Announced in January 2015, the agreement concluded between the Québec government and Caisse de dépôt et placement du Québec determine's the government's responsibilities and those of CDPQ Infra, the governance structure and the projects' various stages of completion.


Adopted on June 12, 2015 by the Assemblée nationale du Québec, Bill 38 authorizes the implementation of CDPQ Infra’s business model.

Consult Bill 38 on the Publications du Québec site

Frequently asked questions

Q1. How does the CDPQ Infra model differ from a public-private partnership (PPP)?

First of all, CDPQ Infra is a public institution. Its returns benefit all Quebecers.

Second, contrary to PPPs, projects entrusted to CDPQ Infra will be excluded from the governments’ balance sheet.

Finally, contrary to other existing arrangements, the planning, financing, execution and operation stages will be managed in an integrated manner by a single institution.

Q2. How will CDPQ Infra ensure the projects generate returns?

CDPQ Infra will review the potential for profitability of each project submitted by the government. It is understood that CDPQ Infra will only undertake those projects with potential to generate returns.

In the event that CDPQ Infra moves forward with execution of a project, its profitability will depend on a number of factors, including CDPQ Infra’s ability to deliver on budget and on schedule. During the exploitation phase, operational efficiency will be a determining factor in projects’ profitability.

CDPQ Infra’s goal is to keep rates as low as possible to maximize traffic on these new infrastructures.

Q3. What experience does CDPQ Infra have in managing infrastructure projects?

With 15 years of investments in all key sectors and markets, la Caisse has developed world-class expertise, solid teams and a leading network of partners.

Expertise in public transit
La Caisse has several public transit assets in its portfolio.

In the United Kingdom, la Caisse is a shareholder in Eurostar, which offers high-speed passenger train services, primarily between London and Paris and London and Brussels, running through the Channel Tunnel, in Heathrow Express, the rail service linking Paddington Station and Heathrow Airport, and in Gatwick Express, the fast train linking central London and Gatwick Airport.

La Caisse is also one of two shareholders in Keolis, a global public transit operator active in 15 countries around the world and transporting more than 2.5 billion commuters each year, in major urban centres ranging from Melbourne to Boston.

Expertise in greenfield projects
Over the years, la Caisse has also participated in several projects involving execution and operation of new infrastructure. For example, in 2005, la Caisse participated as a lead investor in the construction and operation of The Canada Line, the rapid-rail service connecting the Vancouver Airport with downtown. Completed on schedule and on budget, the project is considered today one of the most successful greenfield infrastructure projects in the country.

The role of owner of major projects has been part of la Caisse’s DNA for a long time: its subsidiary Ivanhoé Cambridge, which manages $40 billion in real estate assets, has planned, financed, constructed and managed real estate around the world for decades.

Q4. Does the CDPQ Infra model preserve the independence of la Caisse?

Yes. La Caisse’s independence is explicitly reaffirmed in bill 38. La Caisse alone will decide whether to invest in infrastructure projects, based on the interests of its clients and each project’s expected profitability. Moreover:

  • For accounting purposes, if an asset is to be excluded from the public balance sheet, the government cannot get involved in its management in any way. This is something to which the Auditor General of Québec will pay close attention.
  • In the infrastructure industry around the world, projects are always financed through partnerships. If a government tried to impose an unprofitable project on la Caisse, potential partners would refuse to come on board.
  • The profitability of projects managed by la Caisse will be visible to all. An independent expert will validate whether the expected profitability meets market standards for comparable projects.
Q5. What are the objectives of the CDPQ Infra model?

The CDPQ Infra model allows for the execution of major, modern and efficient infrastructure projects that will benefit all Quebecers.

For la Caisse, it is a way of investing for the long term in tangible assets that generate stable, predictable returns for its clients, while contributing to Québec’s economic development.

Under this model, works will continue to be controlled by a public institution, but will have a limited impact on Québec’s finances.

Q6. How will CDPQ Infra guarantee the transparency and integrity of calls for tender?

Calls for tender will comply with global best practices and the highest standards for transparency, competition and efficiency. An independent auditor will also review the integrity of the tendering process.

As controlling shareholder, CDPQ Infra will encourage vigorous competition to control costs and access the best technical and technological solutions.

Finally, contracts for supplies, services or construction work worth $5 million or more will be granted to companies authorized by the Autorité des marchés financiers.

Q7. Will the projects carried out by CDPQ Infra be subject to the usual environmental impact assessment and review procedures?

CDPQ Infra will carry out all required consultations, analyses and assessments, in accordance with current legislation and in a spirit of full collaboration with the various stakeholders.

Q8. Could CDPQ Infra bring in partners?

Yes. In accordance with global industry practices, major infrastructure projects are carried out by several financial partners that share risks and responsibilities.

CDPQ Infra will work with partners that share its long-term approach and that can contribute their capital and expertise. CDPQ Infra will remain the controlling shareholder of projects.

Do you have any other questions? If so, write to us at [email protected]