The Canada Pension Plan Investment Board is investing $31.25 million in a Toronto-based energy storage provider.

Hydrostor Inc. provides utility integration services related to long-duration energy storage that enables grid operators to scale the renewable energy capacity of grids. The proceeds of the investment will be used to finance the development of compressed air energy storage system and to construct and operate facilities equipped with the system at facilities around the globe, according to a press release.

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The investment comes in response to a growing global demand for the decarbonization of electrical grids, noted the CPPIB. Bruce Hogg, managing director and head of sustainable energies, said long-duration energy storage is a critical component of these efforts. “Hydrostor’s solutions are well-placed to address this growing need and provide a unique investment opportunity aligned with our focus on the energy evolution.”

In other news, the Ontario Teachers’ Pension Plan is investing $220 million in an investment fund focused on the construction of toll roads in India.

The road platform fund, from KKR, holds a portfolio of 12 assets, six of which are in the proposal phase. In total, it’s expected to fund the development of 910 kilometres of highway, spanning 11 states. According to KKR officials, the fund seeks to capitalize on the Indian government’s interest in improving the country’s internal transportation infrastructure.

The investment marks the third in Indian infrastructure for the Ontario Teachers’. Most recently, it secured a 25 per cent stake in the government-backed National Highways Infrastructure Trust. Following the transaction, India’s finance minister called on more of Canada’s pension plans to invest in similar projects.

Read: India courting Canada’s pension funds for infrastructure investments