David Robitaille
Managing Partner
Co-founder and managing partner of Plan A Capital, David is an experienced investment professional cumulating more than a decade of transactional and advisory track record applied to infrastructure projects, including P3s (social, transportation) and power projects (conventional and renewables). He speaks English and French and has worked on projects located in Canada, USA, Europe and Africa.
For Plan A Capital, David provides transactional and financial advisory services to various clients involved in the infrastructure and power asset classes. More specifically, he manages and participates in the following: evaluating the financial feasibility of projects, developing robust and flexible financial models, performing due diligence and negotiating/raising equity and limited recourse financing. David played a key role in the 230 MW Niagara Region Wind Farm project by designing and operating a financial model used for raising $825M of non-recourse financing.
Prior to the establishment of Plan A Capital in 2014, David was Director, Investment for a Canadian developer of renewable projects from 2010 to 2014 where he held key responsibilities including the development of all financial models, supporting negotiations of key contracts, securing equity and nonrecourse financing, managing lenders’ advisors and securing credit enhancements. Most notably, he played a key role in the financing of the Vents du Kempt project and in the structuring, equity funding and management of a renewable investment fund, the Eolectric Club L.P. From 2007 to 2010, David held the position of Financial Analyst for SNC-Lavalin Capital where he developed several robust financial models, led the internal derivative pricing process and performed financial assessment of infrastructure, power and mining projects. At SNC, David was involved in multiple ground-breaking infrastructure projects, including the OSM Concert Hall in Montreal, the Puy-de-Dôme RackRail train in France and the MUHC Glen Campus hospital P3 complex in Montreal.
David holds a Master of Science in Administration (Finance-CPA, CGA profile) from the University of Sherbrooke and a Bachelor of Business Administration (Finance) from HEC Montreal obtained with distinction. David is a CFA charterholder and he also attended WHU – Otto Beisheim School of Management in Germany.
Hugo Bouchard
Managing Partner
Co-founder and managing partner of Plan A Capital, Hugo Bouchard has a twenty-two year proven track record in the structuration, development, nonrecourse financing and acquisition of major projects. He led successful investments in infrastructure and power projects worth more than four billion dollars in aggregate. He speaks English, French and Spanish and worked on projects located in Canada, the USA, Mexico, Peru, Chile and France.
For Plan A Capital, Hugo has participated or managed more than two dozen mandates to support the development, acquisition or financing of infrastructure and power projects. His particular focus is on the design and implementation of innovative commercial arrangements and financial structures, including the design of an innovative lease-buyback structure and $825M financing of the 230 MW Niagara Region Wind Farm project. Prior to the establishment of Plan A Capital in 2014, Hugo was Chief Investment Officer and General Manager for a Canadian developer of renewable energy projects. He initiated out of his own initiative the creation of an investment fund, the Eolectric Club LP, raised its funding and acted as Key Person for the fund’s manager. He was responsible for the fund’s investments, including the acquisition of one project that was not in the market, and managing all aspects of the development, design, financing, execution and operations of Vents du Kempt Wind Power LP. Previously, Hugo was Vice-President, Investment for SNC-Lavalin where he managed a portfolio of direct investments in infrastructure and was responsible to structure, finance and execute new investments, including a successful health centre concession which secured the PFI Award of the year for North America. From 1994 to 2006, Hugo held the position of Director, Project Development for Innergex and various positions in Mexican and Canadian subsidiaries of Gaz de France.
In addition to his CFA designation, Hugo holds a Master in International Relations in economics, law and political sciences from Laval University. He has also held several board of directors’ positions in Canada and in Mexico.
Audrey-Anne Desaulniers
Advisor, Project development
Audrey-Anne has seven years of experience mainly in communications and project development. Her expertise includes community relations, public affairs and digital marketing. Over the past four years, she has focused on sectors related to the energy transition, notably by participating in the development of the battery industry in Québec, and more broadly, in the development of electric transportation.
Audrey-Anne worked at Investissement Québec where she contributed to the attraction and development of industrial battery projects. In the Centre-du-Québec region, she was responsible for building relationships with local communities and actively participated in the coordination efforts of the various regional stakeholders. She also provided strategic support in identifying the social and economic issues related to the implementation of these projects in various regions and, in response to some of them, she developed a province-wide strategy and communication tools.
She also has a good knowledge of the electric transport ecosystem, having worked at Propulsion Québec, the electric and intelligent transportation cluster. In addition, she has experience in the asset management field, having spent over three years at Fiera Capital as part of the corporate communications team responsible for media and investor relations.
Audrey-Anne holds a Master's degree in Communications and a Bachelor's degree in Public Relations from the Université du Québec à Montréal.
Martin Lefebvre
Partner & Senior Advisor, Project Assessment and Development
Martin Lefebvre has a considerable experience in the assessment, coordination and development of projects and new products, including the elaboration of complex financial models and coordinating teams in large organisations.
Martin started his career as a process engineer for a Canadian manufacturer before getting his master’s degree in finance. After completing his graduate degree, Martin continued his career at GE Capital as a strategic pricing analyst. Thereafter he worked for two of the largest telecommunication operators in Canada where he was in charge of financial modeling for product development and had to quantify operational impacts and capital investments while identifying financial and operational risks. Martin was also involved in several large public provincial and federal tenders having to coordinate between multiple internal stakeholders to ensure a timely submission while managing financial risks and competitiveness. He was also involved within integrated teams in multiple renewable energy transactions and bid submissions involving wind, solar and battery projects and performed financial assessment, validation of key assumptions, and transaction structuring.
Martin holds a Master of Science in Administration (Finance, Corporate Finance profile) from HEC Montréal and a Bachelor of Electrical Engineering from the University of Sherbrooke. Martin is fluent in English and French and lives in Montreal.
Jean-François Thibodeau, CPA-CA/MBA
Senior Advisor, Financing & Strategy
Jean-François Thibodeau joined the Plan A Capital team in July 2024. Jean-François has built a solid experience in finance, corporate strategy, mergers and acquisitions, public company accounting, taxation and investor relations.
From 2003 to 2019, Mr. Thibodeau was Vice-President and Chief Financial Officer of Boralex Inc. Previously, he served as Vice-President and Treasurer at CAE Inc. (2001-2003), Treasurer at the Transcontinental Group (1999-2001) and held various corporate and control positions for Provigo between 1989 and 1999.
Mr. Thibodeau has been a key player in Boralex's growth and success. During his tenure, he was directly involved in the development and execution of corporate strategy, including as responsible for financial analysis and financing for more than 2000 megawatts of power. As a result, the team raised more than $5 billion in share capital, corporate and project debt, as well as convertible debentures. Boralex develops, builds and operates renewable energy production sites in Canada, France, the United Kingdom and the United States. One of the leaders in the Canadian market and the leading independent onshore wind player in France, Boralex has more than 2000 MW of installed capacity in 4 technologies (wind, hydroelectric, thermal and solar).
Mr. Thibodeau has been a member of the Ordre des Comptables Professionnels Agréés du Québec since 1982 and holds an MBA in Finance and Corporate Strategy from HEC Montréal.
Marie-Claude Asselin
Affiliate, Project Financing
Marie-Claude has over 25 years of financing experience, including nearly 20 years in the infrastructure sector. She started her career at two private equity funds, Innovatech Québec and Société générale de financement du Québec.
From 2007 to 2018, she held the position of Portfolio Manager, Private Placements at iA Financial Group. In this role, Marie-Claude was involved in the financing of numerous projects in Canada, the United States, and Australia in sectors such as renewable energy, transportation, and more. She has worked with various public and private entities regarding the financing and structuring of major projects. From 2018 to 2022, she worked at Desjardins Capital, where she was given the mandate to develop a real estate and infrastructure investment fund. More recently, she held the position of Senior Director, Investments, Canada, at Ivanhoé Cambridge.
Marie-Claude holds a Bachelor’s Degree in Finance from Université Laval and a Specialized Graduate Diploma (DESS) in Corporate Finance from the Université du Québec à Montréal.
Grégoire Merlaut
Affiliate, Project Financing
Gregoire counts more than a decade of project financing experience and has been responsible for securing and executing financing for large infrastructure projects. His expertise lies in financial risks analysis, designing optimal financing structure, conducting competitive tenders to select financing sources, negotiating and executing financial documents and coordinating due diligence and credit rating processes. Gregoire worked for seven years in the industry for SNC-Lavalin Capital, an integrated project developer, which led him to acquire a diversified experience covering public transit (light trains, bridges, tunnels, highways), social infrastructure (university and psychiatric hospitals, research center), industrial projects (rail maintenance facility, natural gas treatment facility) and power (refurbishment of a hydroelectric plant).
Gregoire also worked during three years as a consultant at PwC, where he advised public and parapublic entities on their procurement processes for major infrastructure projects, notably by comparing different delivery models (traditional, turnkey, P3) and by supporting all stages of the process, from establishing a business case to financial close.
Gregoire has a bachelor in business administration from HEC Montréal and attended Wirtshaft Universität Wien in Austria.
Philippe Poirier
Affiliate, Project Financing
Philippe Poirier has over 30 years of experience in construction management, engineering studies, project and corporate financing, risk analysis, and financial modeling.
He started his career as an engineer in the mining industry, where he managed construction and environmental projects. He then moved to the engineering firm SNC-Lavalin (now AtkinsRéalis), as a project manager and then director of environmental and feasibility studies, leading projects in Canada and internationally. Following the completion of a MBA in Finance at HEC Montreal, he joined SNC-Lavalin Capital, where he structured and successfully closed project financing for Public-Private Partnership projects. During this period, he was a member of the board of directors of Ambatovy, a $7 billion nickel mine and refinery in Madagascar.
Mr. Poirier then moved to Innergex, a renewable energy producer, where he led corporate and project financing for hydro, solar and wind projects, closing for over $2 billion in financing. During the past five years, he was senior manager of business analysis at Rio Tinto Aluminium, advising the investment committee on major projects and strategic decisions in the energy and aluminium sectors.
Denis Crevier
Affiliate, Strategic Advisor
Denis Crevier is a solution-oriented executive and lead advisor recognized for having structured investment platforms and led key transactions in the development, financing and management of multi-sector infrastructure projects in Canada and internationally.
As strategic advisor to Plan A Capital, Denis brings over 30 years of extensive experience in project financing, commercial structuring, sale and acquisition, fund raising and investment, with a proven track record in deal-making and portfolio management, coupled with field experience in the engineering and construction business.
From November 2011 to September 2019, Denis careered with SNC-Lavalin Capital, the project financing arm of the SNC-Lavalin Group. Over that period, Denis:
- Acted as Senior Vice-President, Investment Management and headed the team responsible for the deal structuring, modeling, project financing and the co-management of a portfolio of assets valued in time at over CDN $5.0B in Canada, Europe and the Middle East.
- Led the development, closing and ongoing management of a SNCL infrastructure fund dedicated to monetizing and managing 10 Canadian P3 Infrastructure assets, including light rail transportation systems, power generation facilities, hospitals and motorways.
- Developed business plans and new financing strategies for the acquisition and development of renewable or decarbonized energy platforms in Canada, USA and Australia as well as the project financing of nuclear reactors in Canada and the UK.
- Acted as CEO of the McGill Healthcare Infrastructure Group from 2014 to 2016, the project company responsible for the design, build, finance, operations and maintenance of the MUHC, Glen site project, a Canadian PPP, $1.2B healthcare complex located in Montreal.
Denis holds a Master of Laws in International Business Transactions from Harvard Law School, MA, USA. He is a member of the Bar of the Province of Quebec and a Bachelor of Laws from Sherbrooke University, Quebec.
Gabriel Lesur
Financial Analyst
Gabriel worked during two years as a financial analyst for a petrochemical subsidiary of TotalEnergies in Paris after a first experience at the company’s Direction of Strategy. His responsibilities allowed him to work on the modelling of world oil consumption forecasts and to realise several economic studies on the mobility sector. Gabriel then worked in Montreal for Indigo, a parking operator, where he contributed to the firm’s growth through acquisitions and submissions to competitive tenders. As a result, Gabriel has acquired financial modelling skills for long-term infrastructure assets and a strong knowledge of non-residential real estate.
Gabriel has a Master’s Degree in Public Administration from SciencesPo Paris and attended the Higher School of Economics in Moscow, Russia.
Gérard Mounier, Adm.A.
Affiliate, Finance, Infrastructure & Energy
Gérard Mounier is a specialist in the financing of infrastructure and renewable energy projects. Graduated from ISG International Business School (Paris, France) and member of the Order of Chartered Administrators of Quebec, Gérard began his career in the banking sector, where he held various positions in the fields of corporate financing, internal audit and risk management, within major institutions such as Crédit Lyonnais, Société Générale Canada, RBC Royal Bank, BNP Paribas Canada, Laurentian Bank and Caisse Centrale Desjardins.
He then held the position of Strategic Advisor and co-Head of the Infrastructure Group at Lavery Lawyers. In 2020, he became President and CEO of GNR Québec Capital, with the mandate to launch the first Quebec private equity fund exclusively dedicated to financing renewable natural gas projects in Eastern North America.
In addition to his extensive experience in commercial and corporate financing for companies of all sizes and in all sectors of activity, Gérard Mounier has developed specific expertise in the field of infrastructure and energy project financing, as well as industrial and mining projects. In total, Gérard Mounier has more than forty project financings to his credit, all sectors combined.
Gérard Mounier now offers his services as a consultant in project development and debt or equity financing. Gérard Mounier is a member of the Board of Directors of the Infrastructures Council, he is also a Director and Treasurer of the Cercle de la finance internationale de Montréal, and finally Chairman of the Board of Directors of Nergica.
Marius Massé Vincelette
Financial Analyst
Before he joined Plan A Capital, Marius worked with the head of financial forecasting at the Agropur cooperative. He participated in the debt refinancing process by comparing proposals from different lenders and assessing the impact of the proposed financing structures. He also contributed to updating the financial forecast model, in addition to analysing the impact of various investment projects. Subsequently, Marius joined the corporate credit team at Caisse de dépôt et placement du Québec (CDPQ). He also analysed the credit quality of issuers in the banking and energy sectors, which allowed him to deepen his knowledge of credit markets and the impact of monetary policies on different industries.
Marius is on track to obtain a master’s degree in finance from the University of Sherbrooke, and holds a bachelor’s degree in Business Administration (finance profile) from the same university. He is registered for the third CFA Institute exam with a view to obtain the CFA Charter.
Michel Tremblay
Affiliate, Power Contracts & Regulatory Affairs
Strategic advisor in the energy sector, Michel Tremblay specializes in electric power marketing and regulatory affairs. His work experience encompasses over 30 years in professional and managerial positions within Hydro-Québec and its subsidiaries, and over 10 years as an independent consultant.
Michel worked in strategic planning, business plan writing and contract negotiation in a variety of contexts, from power generation to interconnection studies and load supply. He has a broad expertise in wholesale power markets, electric system reliability and regulatory affairs (Canadian and American).
Michel is a Professional Engineer (Ordre des ingénieurs du Québec) and Certified Corporate Director (Collège des administrateurs de sociétés).
Normand Bouchard
Affiliate, Construction & Operation
Normand Bouchard is a seasoned manager with more than 35 years of experience in electricity generation from renewable and natural gas sources. Normand’s recognised expertise lies in the development, design and construction of wind farms and thermal plants. He is an affiliate of Plan A Capital and currently provides advisory and execution services to support the company’s clients in the development, the execution and the operation of their projects. In recent years, Normand played a key role in the development, design, construction and operation of six wind farms totalling 700 MW (Vents du Kempt, Baie-des-Sables, Gros-Morne, Montagne-Sèche, l’Anse-à-Valleau and Carleton). He was also responsible for all technical aspects, contract negotiation and monitoring of the construction, commissioning and operation of the 25 MW Gazmont thermal power plant and the 175 MW Champion Project. Normand is based in Montreal.
