D. E. Shaw Renewable Investments (DESRI) has agreed to a strategic financing partnership with Alberta Investment Management Corp (AIMCo). Under the partnership, AIMCo will provide up to US$500 million to support the acquisition of long-term contracted renewable energy assets by DESRI. DESRI, an affiliate of New York-based investment and technology development firm D. E. Shaw Group, has a portfolio of North American projects with about 1,000 megawatts of capacity. Edmonton-based AIMCo manages $90 billion of pension plan and other fund assets.
D. E. Shaw Renewable Investments Announces Strategic Relationship with Alberta Investment Management Corporation
March 09, 2016
NEW YORK–(BUSINESS WIRE)–D. E. Shaw Renewable Investments, L.L.C. (“DESRI”) today announced that it has entered into a strategic financing relationship with Alberta Investment Management Corporation (“AIMCo”). Under the arrangement, AIMCo expects to provide DESRI up to US $500 million of capital to support DESRI acquisitions and growth. DESRI is focused on owning and managing long-term contracted renewable energy assets in North America and has a portfolio of projects totaling approximately 1,000 megawatts of capacity.
“We’ve gotten to know AIMCo over many years and have developed a great deal of respect and admiration for their team,” said Bryan Martin, managing director and Head of U.S. Private Equity at the D. E. Shaw group. “We are excited to partner with AIMCo as we further expand DESRI’s renewables business into new markets.”
“We believe DESRI and AIMCo have a similar long-term perspective, and we look forward to building on our relationship with the DESRI management team to support their efforts to execute on their pipeline of attractive opportunities and grow the DESRI platform of contracted solar and wind projects in the U.S.,” said Ben Hawkins, Senior Vice President, Infrastructure & Timber, AIMCo.
About D. E. Shaw Renewable Investments, L.L.C. (DESRI)
D. E. Shaw Renewable Investments and its affiliates acquire long-term contracted renewable energy assets in North America. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $37 billion in investment capital as of March 1, 2016, and offices in North America, Europe, and Asia.
Please visit www.deshaw.com for more information about the D. E. Shaw group.
About Alberta Investment Management Corporation (AIMCo)
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $90 billion (CAD) of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 26 pension, endowment and government funds in the Province of Alberta.
For more information please visit www.aimco.alberta.ca.
This press release is provided for the reader’s information only and does not constitute investment advice or convey an offer to sell, or the solicitation of an offer to buy, any securities or other financial products.
Please also note that this press release has not been updated since its dateline for any information contained in it that may have changed, including any beliefs and/or opinions. In addition, no assurances can be given that any aims, assumptions, expectations, and/or goals described in this release will be realized or that the activities or any performance described herein did or will continue at all or in the same manner as at the time of the press release.
Kekst and Company
Anntal Silver, +1-212-521-4849
Photo courtesy of Shutterstock