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CPPIB commits $200m to wind power

The Canada Pension Plan Investment Board will invest in Noble Environmental Power for wind park development.

The Canada Pension Plan Investment Board, the investment management group investing Canada’s national pension plan assets, has agreed to invest $200 million (€127 million) in Connecticut-based wind park company Noble Environmental Power.

Noble develops, construct, owns and operates wind parks across the US. It currently has wind parks under development in New York, Vermont, New Hampshire, Minnesota, Maine and Texas.

“This is an important investment for the CPP Investment Board as demand for renewable energy, particularly wind generation, is expected to grow rapidly over the next several years,” Mark Wiseman, CPPIB’s senior vice president of private market investments, said in a statement.

Renewable energy has become an increasingly popular area for investment worldwide. In the last week alone, Credit Suisse committed $300 million to cleantech private equity firm Hudson Clean Energy Partners, the Manilan Asian Development Bank announced it will commit $100 million to five private equity funds investing in the clean energy sector and New York-based energy-focussed private equity firm Riverstone Holdings joined power company AES in launching $1 billion joint venture to develop, own and operate utility-scale solar installations.

CPPIB’s recent activities include taking a minority stake in the Auckland International Airport worth an estimated C$1.4 billion ($1.4 billion; €907 million) and bidding in a Canadian wireless spectrum auction in concert with Canadian company Manitoba Telecom Services and private equity firm The Blackstone Group.

As of 31 December 2007, the CPPIB had C$119.4 billion in assets under management including approximately C$11.4 billion in private equity investments.