CPP Investments is acquiring Scandinavia-based data centre company atNorth from Partners Group.
The deal, completed alongside partner Equinix, is valued at US$4 billion and both investors agreed to provide a US$4.2bn financing package to support operations. The investment organization expects to get a 60-per-cent controlling interest with the remaining option going to its partner in the deal.
The Nordics are an attractive market for the data centres sector, said Maximilian Biagosch, senior managing director and global head of real assets at CPP Investments, in a press release. “[The transaction] demonstrates our conviction and commitment to the data centre sector, where demand continues to accelerate, fueled by continued strong enterprise demand as well as cloud and AI adoption.”
CPP Investments is also signing a memorandum of understanding with an electricity generation firm in Alberta.
The deal, signed alongside Brookfield, will advance data centre development in Alberta with TransAlta Corp., which will be the exclusive site and power provider of the asset. It includes a purchase agreement for roughly 230 megawatts with potential additional development aggregating up to one gigawatt.
In other news, the Ontario Teachers’ Pension Plan completed its acquisition of a critical minerals royalty portfolio in Australia from RCF Management, Global Advanced Metals Wodgina Pty Ltd. and Global Advanced Metals Greenbushes Pty Ltd.
The portfolio carries a royalty structure that provides commodity-linked cash flows and minimal exposure to operating and capital costs, according to a press release.
“Across the energy transition, digital infrastructure and information and communications technologies, demand for critical minerals is set to rise exponentially,” said Michael Hudgin, senior managing director of natural resources at the Ontario Teachers’, in a statement. “This transaction positions us to benefit from significant demand tailwinds.”