Several major Canadian public pensions are investing in Puget Holdings [no LLC], the parent company of Puget Sound Energy Inc., a regulated utility company in Washington state.

The Ontario Municipal Employees Retirement System’s infrastructure arm is taking on a 23.9 per cent stake, while the Alberta Investment Management Corp. is raising its previously held stake by six per cent to 13.6 per cent and the British Columbia Investment Management Corp. is increasing its stake by four per cent to 20.9 per cent. Dutch pension fund manager PGGM is also taking on an initial stake of 10 per cent. And the Canada Pension Plan Investment Board is maintaining the 31.6 per cent position it’s held since 2009.

“We are very pleased to announce our investment in Puget, which fits strongly with our strategy of acquiring assets aimed at generating steady, long-term cash flow to pay pensions to the OMERS members,” said Ralph Berg, executive vice-president and global head of infrastructure at OMERS, in a press release. “The acquisition of Puget strengthens our presence in the U.S., including our investments in the Chicago Skyway toll road and Oncor Electric Delivery, the largest transmission and distribution company in Texas,” he added.

Read: CPPIB, OMERS and Teachers’ buy Chicago toll road

Puget provides electricity to more than a million customers and natural gas to more than 800,000 customers in the Puget Sound area.

“An investment in PSE reflects confidence in the future of our region and the dedication and skills of our 3,100 local employees,” said Kimberly Harris, PSE president and chief executive officer, in the release. “Our investors share our values and our commitment to serving our customers and ensuring our community remains a great place to live.”

Since 2009, the company has focused on bringing more clean energy to its region with the expansion of its Wild Horse Wind Facility, the construction of the new Lower Snake River Wind Facility, as well as updating two of its hydroelectric facilities, noted the release.

“Investing in a utility means investing in the region it serves,” said Ben Hawkins, senior vice-president of infrastructure and timber at AIMCo, in a release. “We are proud of the partnership we have had with PSE for almost a decade and look forward to having an increased role in their future.”

Lincoln Webb, BCI’s senior vice-president of infrastructure and renewable resources, also described the company as well-managed and a strong fit for the pension fund’s long-term investment profile.

Read: CPPIB buys stake in Indian renewable energy company

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

Add a comment

Have your say on this topic! Comments that are thought to be disrespectful or offensive may be removed by our Benefits Canada admins. Thanks!

* These fields are required.
Field required
Field required
Field required