Canada

Canada

Canadian pension fund invests in US wind project developer

The management group that invests Canada's national pension fund assets has made its first direct investment in wind power, putting US$200 million into Noble Environmental Power, a Connecticut wind project developer majority owned by funds affiliated with JP Morgan. The investment gives the Canada Pension Plan (CPP) an undisclosed but significant minority stake in Noble. The CPP Investment Board sees wind as a growing industry with solid fundamentals and Noble as a company with a strong and experienced management team. "This is an important investment for the CPP Investment Board as demand for renewable energy, particularly wind generation, is expected to grow rapidly," says the board's Mark Wiseman. Noble is planning to bring 282 MW of wind power online in New York State in 2008 and has several thousand megawatts under development and expected to come online between 2008 and 2012.

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