The Canada Pension Plan Investment Board, which manages C$ 1 billion ($730 million) in offshore wind assets, primarily through its portfolio company Reventus Power, this week announced an expansion of the company to manage the pension fund’s global wind power investments.
CPP established Reventus in 2021 to manage wind investments for the pension fund.
Reventus, which also announced the appointment of a new CEO, will double its staff and increase its presence in global markets, including the U.K., Germany, Poland and Portugal.
“As the dedicated platform for CPP Investments’ offshore wind investments, Reventus Power has a tremendous opportunity to become a truly global force in offshore wind,” said Mark Hanafin, chair at Reventus Power, in a press release. “Already active in core markets outside of Europe, the team now has the scale and market-positioning to pursue some of the sector’s most exciting growth opportunities in Europe, North America and Asia Pacific.”
CPP Investments managed C$ 590.8 billion in assets ($431.74 billion) as of December 31, 2023, for 22 million beneficiaries. Of these assets, C$135 billion is allocated to real assets, of which 11% is allocated to energy and resources, and 10% to power generation.
The sustainable energies group within CPP Investments, of which Reventus Power is a part, manages C$32.0 billion in assets. Other portfolio companies within the group include Aera Energy, Auren Energym Cordelio, Octopus Energy, Pattern Energy, PowerX, Redaptive, ReNEW, and Renewable Power Capital.
Development projects from Reventus include a 1.5 GW offshore wind farm in the Celtic Sea, in partnership with EDT Renewables UK and energy development firm ESB Group.
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Tags: Canada, Canada Pension Plan Investment Board, CPP, CPP Investments, CPPIB, Pensions, Reventus Power