Canada Pension Plan Investment Board (CPP Investments) has invested $200m (€192m) in US energy-as-a-service provider Redaptive.
The Canadian investors said a number of Redaptive’s existing investors, including Linse Capital and CBRE will also be committing capital as part of a capital raising by Redaptive which is expected to have a second close in early 2023.
Redaptive funds and installs energy-saving and energy-generating equipment to help organisations reduce energy waste, save money, and lower their carbon emissions.
Bruce Hogg, managing director and head of sustainable energies at CPP Investments, said: “We are excited about funding Redaptive’s growing business which helps organisations to rapidly reduce energy consumption, save internal capital, and meet GHG emission reduction targets across their entire real estate portfolios.
“This investment is consistent with our focus on investing in best-in-class companies that are supporting the global energy transition by innovating in energy efficiency, sustainable energy, and the deployment of data solutions.”
Redaptive’s CEO Arvin Vohra said the funding gives the firm the capability to accelerate its growth and help more customers reach and exceed their energy efficiency and sustainability goals.
“In CPP Investments, we have found a partner who understands our mission and shares our passion for making carbon reduction an attainable goal for organisations around the world.”
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