American firm Anbaric has partnered with Canada’s Ontario Teachers’ Pension Plan to form a new company dedicated for clean energy development in North America.
Through the new company, named as Anbaric Development Partners, the partners will speed up the revitalization of old transmission networks by establishing clean energy infrastructure projects.
Based in Wakefied, Massachusetts, Anbaric deals with clean energy transmission and microgrid projects. Through Its partnership Anbaric, Ontario Teachers plans to fund the development costs of the projects that are estimated to result in $2bn fully constructed clean energy assets.
According to Anbaric founder and CEO Edward N. Krapels, the partnership is a crucial step forward in connecting an energy infrastructure company with an institutional investor at an important inflection point for the electric power grid.
Krapels added: “Ontario Teachers’ investment in Anbaric creates an attractive launching pad for generating innovative energy jobs and boosting local economies while replacing our deteriorating and outdated fossil fuel-oriented grid with new and sustainable energy alternatives.
“This includes sophisticated high-voltage direct current (HVDC) transmission technology and microgrid projects that will bring renewables online with greater efficiency.”
Anbaric Development Partners will be led by the present management team of the American firm, while Ontario Teachers will handle the funding needed for the projects development.
Ontario Teachers infrastructure and natural resources senior managing director Andrew Claerhout said: “We are seeing so much innovation right now in the clean energy sector. This investment fits our goal of finding new ways to diversify through opportunities that have significant, long-term revenue stream potential.
Claerhout added that the partners will make early investments in the asset lifecycle to derive attractive returns besides benefiting from taking part in projects that help in achieving a low carbon economy.