The Toronto-based Canada Pension Plan Investment Board has made a US$200-million investment in Noble Environmental Power, a wind-energy company in Connecticut, the United States.
A traditional funder of oilfield projects, the CPPIB said Noble has wind parks under development in New York, Vermont and Texas and plans to put 283 megawatts of wind-power onto the New York grid in the next few weeks.
More wind MWs come online in the next few weeks.
Noble builds, owns and operates the wind parks, which the fund managers saw as key.
“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,” the CPP investment board’s Mark Wiseman said in a statement.
Noble’s management team includes senior energy-sector industry experts with development and operating experience from the likes of General Electric, Sempra Energy and JPMorgan. Noble is majority-owned by funds affiliated with JPMorgan Partners.
The Pension fund oversees C$110 billion in money not needed by Canada’s 17 billion contributors.
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