Canada Pension Plan Investment Board (CPP Investments) is investing $1bn (€851m) for a minority stake in AlphaGen, an 11GW US power infrastructure portfolio owned by ArcLight Capital Partners-managed funds.
The Canadian investor is acquiring the undisclosed minority interest in AlphaGen, which earlier in January also secured a $500m minority investment from the Abu Dhabi Investment Authority in the US power infrastructure company.
Bill Rogers, head of sustainable energies at CPP Investments, said: “AlphaGen provides efficient, reliable power in some of the most high-demand US markets. As demand for electricity accelerates, these assets will play a vital role in balancing renewable growth with the need for reliable supply.
“Partnering with ArcLight, a highly experienced investor in power markets, positions us well to support AlphaGen’s strong operational performance to deliver sustainable, long-term value for the CPP fund.”
Angelo Acconcia, president of ArcLight, said: “ArcLight is excited to partner with another leading global investor – CPP Investments – in AlphaGen. We look forward to working with the CPP Investments team to drive additional growth in the platform, and deliver on the reliability and capacity needs of AI and electrification power demand growth in North America.”
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