AIMCo and Railpen Acquire a 94% Stake in Constantine Energy Storage
July 29, 2022 (London, United Kingdom) – Alberta Investment Management Corporation, (“AIMCo”), on behalf of some of its clients, and Railpen – the investment manager responsible for managing over £37 billion AUM on behalf of several pension schemes – have jointly acquired a 94% percent stake in Constantine Energy Storage (“CES”). CES, a grid-scale battery energy storage platform supporting the energy transition, will invest more than £400m to build out a pipeline of battery energy storage projects in the UK. These projects form an important part of the UK’s plans to transition to net-zero and are currently under development by Constantine Group subsidiary Pelagic Energy Developments.
Ben Hawkins, Head of Infrastructure, Renewables and Sustainable Investing at AIMCo, said: “The acquisition of CES is an ideal fit for our growing global portfolio of high-quality infrastructure assets. Grid-scale batteries are a critical enabler of the UK energy transition, and the country’s net-zero ambitions. We look forward to leveraging our deep asset expertise, working closely with the management team to build and grow this business that will support Britain’s energy needs and transition over the long term.”
Lewis Vanstone, Investment Director at Railpen, said: “We are delighted to acquire a significant stake in CES, as part of our commitment to investing in innovative assets that grow our members’ capital over the long term. This acquisition marks Railpen’s first direct investment into battery storage and reflects our ambition to drive positive change through our portfolio, working with management to develop the critical infrastructure needed to support the UK’s transition to net zero. Railpen’s scale and long-term approach makes us an ideal partner for CES’s ambitions to improve battery energy storage capabilities and enhance energy security.”
Graham Peck, Investment Director at Constantine said: “Constantine Group has a long track record of developing and managing renewable energy platforms. During this time we have seen increasing deployment of renewable energy projects creating a large market opportunity and inherent infrastructure demand for energy storage. Through our subsidiary Pelagic Energy, CES has a robust project pipeline of large and well located battery projects, which are deliverable in the near term, and thus provide a secure pipeline of best-in-class assets. We look forward to working with AIMCo and Railpen in building this platform, and in so doing enabling and enhancing the production of renewable energy in the UK.”
About Alberta Investment Management Corporation
AIMCo is one of Canada’s largest and most diversified institutional investment managers with $168.3 billion of assets under management as at December 31, 2021. AIMCo was established on January 1, 2008, with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 32 pension, endowment, and government funds in the Province of Alberta.
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Railpen (formerly known as RPMI and RPMI Railpen) is authorised and regulated by the Financial Conduct Authority (FCA).
Railpen acts as the investment manager of the railways pensions schemes and is responsible for the management of around £37bn.
Railpen runs the railways pensions schemes on behalf of its parent, the Railways Pension Trustee Company Limited (RPTCL).
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Constantine is an independent investment company established in 1885. The Company invests its own balance sheet and in conjunction with other like-minded third-party investors. Constantine invests across a range of industries with a principle focus on Energy, Real Estate and Specialist Logistics.
For more information on Constantine please visit www.constantinegroup.com