On June 22, 2026, Projet REM s.e.c., a limited partnership and indirect subsidiary of La Caisse de dépôt et placement du Québec, closed a C$1.85 billion offering of senior unsecured fixed-rate notes. The offering was structured as the issuer's inaugural green bond financing and was distributed across four maturity tranches of 5, 7, 10, and 30 years. The issuer owns or holds exclusive long-term rights of use over the system infrastructure, rolling stock, and systems of the Réseau express métropolitain, a fully automated, electric light rail transit network serving the Greater Montréal region and operated under the stewardship of CDPQ Infra. CDPQ Infra described the transaction as one of the largest green bond issuances ever completed in the Canadian market and among the most significant inaugural issuances in the global transportation sector for a public transit infrastructure project. The notes were issued pursuant to a confidential information memorandum, indicating a private placement format rather than a prospectus offering. CDPQ Infra stated that the financing is intended to optimize the project's capital structure and diversify funding sources as the REM transitions toward a long-term operating phase. The proceeds are to be allocated to eligible green expenditures, though the issuer's green bond framework and external second-party opinion provider were not identified in publicly available materials reviewed. The transaction establishes a long-term bond issuance program for the REM.