CPP Investment Board to Invest US$200 Million in Noble Environmental Power
Posted on: Tuesday, 1 April 2008, 09:01 CDT
The Canada Pension Plan Investment Board (CPPIB), the investment management organization that invests Canada's national pension fund assets, announced today that it has committed to invest US$200 million in Noble Environmental Power, a Connecticut-based wind energy development and energy operating company.
Noble Environmental Power is a leading renewable energy company with windparks under development in several states, including New York, Vermont, New Hampshire, Minnesota, Maine and Texas. Founded in 2004, Noble develops, constructs, owns and operates windparks across the United States. The company is planning to bring 282 megawatts of wind power generation online in New York State in the beginning of 2008 and has several thousand additional megawatts under development and estimated to come online between 2008 and 2012.
"This is an important investment for the CPP Investment Board as demand for renewable energy, particularly wind generation, is expected to grow rapidly over the next several years," said Mark Wiseman, Senior Vice-President, Private Market Investments, CPP Investment Board.
Noble Environmental Power's management team includes senior energy-sector industry experts and professionals with substantial energy development and operating experience from companies such as General Electric, Florida Power & Light, Sempra Energy and JPMorgan. Noble is majority-owned by funds affiliated with JPMorgan Partners, LLC, which are managed by CCMP Capital Advisors, LLC.
About the CPP Investment Board
The CPP Investment Board invests the funds not needed by the Canada Pension Plan to pay current benefits on behalf of 17 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, the CPP Investment Board is investing in publicly-traded stocks, private equities, real estate, inflation-linked bonds, infrastructure and fixed income. Based in Toronto, the CPP Investment Board is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At December 31, 2007 the CPP Fund totaled C$119.4 billion, including approximately C$11.4 billion invested in private equity investments. For more information about the CPP Investment Board, visit www.cppib.ca.
Contacts: CPP Investment Board Joel Kranc Manager, Communications (416) 874-5163 Email: jkranc@cppib.ca Website: www.cppib.ca
SOURCE: CPP Investment Board
Source: MARKET WIRE
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