The Ontario Teachers’ Pension Plan is entering a joint venture to develop offshore wind projects.
In a deal reached with Corio Generation Ltd., the Ontario Teachers’ will receive a 50 per cent stake in the joint venture in exchange for a US$1 billion investment. The funds will be used to develop 14 fixed bottom and floating projects in Japan, South Korea, Taiwan and the U.K., according to a press release, which noted the transaction is expected to be finalized this summer.
“We are pleased to partner alongside Corio and support the development of a high-quality, global portfolio of offshore wind projects,” said Chris Ireland, managing director of greenfield investments and renewables, infrastructure and natural resources at the Ontario Teachers’, in the release. “Offshore wind is poised for significant growth in the years ahead as countries work towards ambitious decarbonization goals.”
In other news, the real estate arm of the Caisse de dépôt et placement du Québec is partnering with an Indian real estate developer to establish digital infrastructure assets.
Ivanhoé Cambridge and Bain Capital Inc. will each invest US$1 billion in a partnership with real estate developer the Lodha Group, to create light industrial parks, logistics facilities and urban fulfillment centres. In lieu of a capital contribution, Lodha will lead the development, operations and management of the assets in exchange for a 33 per cent share in the partnership, according to a press release.
The investment is part of Ivanhoé’s strategy to capitalize on opportunities driven by the urbanization of India as well as its burgeoning light manufacturing and e-commerce sectors, the release noted.
“The new partnership potentially enables Ivanhoé Cambridge access to near city logistics opportunities as operators pivot to establish same day delivery solutions thus creating differentiated value in our portfolio construct and its scale,” said Chanakya Chakravarti, vice-president and managing director of India at Ivanhoé, in the release.