06:54 AM EDT, 05/06/2024 (MT Newswires) -- The $3-billion sustainable-investing arm of Power Corp. (POW.TO) has gained a new shareholder, though the two businesses are no strangers, The Globe and Mail is reporting Monday.

It said Power Sustainable, which invests in renewable energy, green infrastructure and agri-food companies, is set to announce Monday that Great-West Lifeco ( GWLIF ) (GWO.TO has signed on as a minority shareholder. Great-West, the insurance provider, is also a subsidiary of Power Corp., the holding company of Montreal's Desmarais family.

Under the deal, Great-West will commit to investing in Power Sustainable's funds in the coming years, the companies reportedly said in a statement. Power Corp. will remain the majority owner of the sustainable-investing enterprise, which is led by Olivier Desmarais, its chairman and chief executive officer.

Power Sustainable aims for profitable returns alongside environmental results for its institutional investors. Great-West's investment will allow Power Sustainable to accelerate expansion in its equity and credit businesses, while the insurer bolsters its green objectives, the companies reportedly said.

"They've been involved in our products and, to me, this is a vote of confidence -- that they are enjoying the investment returns and the sustainable profile that we are giving them," Desmarais said in an interview. "And I see this as about to create even further co-operation."

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