Ontario Teachers’ Pension Plan has partnered with Anbaric in the launch of Anbaric Development Partners, a new development company. The company, which will be managed by Anbaric, will develop clean energy infrastructure projects across North America, accelerating the revitalization of aging transmission networks. Ontario Teachers’ plans to fund development costs, which are projected to produce US$2 billion in fully constructed assets. Based in Wakefield, Massachusetts, Anbaric specializes in early-stage development of electric transmission systems and microgrid projects.
Anbaric and Ontario Teachers’ Announce Clean Energy Development Partnership
Agreement Sets New Model for Institutional Investment in Clean Energy
Wakefield MA, USA/Toronto ON, Canada, March 9, 2017— Anbaric, a leader in the development of clean energy transmission and microgrid projects, and Ontario Teachers’ Pension Plan (Ontario Teachers’) today announced a partnership to create a new development company, Anbaric Development Partners.
The partnership will develop clean energy infrastructure projects in North America, accelerating the revitalization of aging transmission networks. The existing Anbaric management team will lead the new company. Through Anbaric, Ontario Teachers’ is committed to funding development costs which are projected to produce $2 billion in fully constructed assets.
“Today’s announcement is a critical step forward in linking an institutional investor with an energy infrastructure company at a key inflection point for the electric power grid,” said Edward N. Krapels, Founder and CEO of Anbaric. “Ontario Teachers’ investment in Anbaric creates an attractive launching pad for generating innovative energy jobs and boosting local economies while replacing our deteriorating and outdated fossil fuel-oriented grid with new and sustainable energy alternatives. This includes sophisticated high-voltage direct current (HVDC) transmission technology and microgrid projects that will bring renewables online with greater efficiency.”
Andrew Claerhout, Senior Managing Director for Infrastructure and Natural Resources at Ontario Teachers’, said, “We are seeing so much innovation right now in the clean energy sector. This investment fits our goal of finding new ways to diversify through opportunities that have significant, long-term revenue stream potential. With our thoughtful and reputable partners at Anbaric, we will strategically invest earlier in the asset lifecycle seeking attractive returns for our members with the added benefit of participating in projects that support the transition to a low carbon economy.”
While Anbaric has developed and completed several projects in the Northeast teaming up with a range of investment partners to deliver power more efficiently, this announcement marks the largest financial commitment by an investor in the company’s 15-year history. Anbaric has been a prime mover behind a number of independent electric transmission projects, including:
– Neptune Regional Transmission System, which delivers 660MW to Long Island from New Jersey, completed in July 2007 on budget and ahead of schedule
– Vermont Green Line, a wind-plus-hydro project launched by Anbaric and now being completed by National Grid
– Poseidon, a transmission solution to bring wind and hydro generated renewable energy into New York State
We are excited to have formed a partnership with world-class pension plan Ontario Teachers’ that is experienced in making direct infrastructure investments,” said Anbaric CFO Timothy L. Vaill. “OTPP has achieved strong long-term returns by making these direct investments which we hope to emulate going forward.”
For more information on Anbaric Development Partners, please visit www.anbaricdevelopmentpartners.com
Anbaric is a 15-year old firm, headquartered in Wakefield, Massachusetts, that has a track record of leadership in developing competitively selected High Voltage Direct Current (HVDC) transmission projects. Anbaric is also developing a series of large microgrids, also known as distributed energy systems, or non-transmission alternatives. For more information, please visit www.anbaric.com.
About Ontario Teachers’ Pension Plan
The Ontario Teachers’ Pension Plan is Canada’s largest single-profession pension plan, with CAD$171.4 billion in net assets at December 31, 2015. It holds a diverse global portfolio of assets, 80% of which is managed in-house, and has achieved a long-term average rate of return of 10.3% since inception in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of Ontario province’s 316,000 current and retired teachers. For more information, please visit www.otpp.com.
Photo courtesy of Neptune Regional Transmission System LLC