The Ontario Teachers’ Pension Plan has announced a new partnership with a U.S.-based developer of clean-energy transmission projects.
The partnership with Wakefield, Mass.-based Anbaric will create a new development company, Anbaric Development Partners, with the aim of refreshing aging transmission networks in North America through clean-energy infrastructure projects. While the Anbaric management team will lead the partnership, Ontario Teachers’ will be funding development costs.
“We are seeing so much innovation right now in the clean-energy sector,” said Andrew Claerhout, senior managing director of infrastructure and natural resources at Ontario Teachers’. “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 life cycle, seeking attractive returns for our members, with the added benefit of participating in projects that support the transition to a low carbon economy.”
Anbaric has a track record of developing and completing several projects in the United States by teaming up with investment partners. The partnership with Ontario Teachers’ is the largest financial commitment the company has seen from an investor.
“We are excited to have formed a partnership with world-class pension plan Ontario Teachers’ that is experienced in making direct infrastructure investments,” said Timothy Vaill, chief financial officer at Anbaric. “OTPP has achieved strong long-term returns by making these direct investments which we hope to emulate going forward.”