AMP Capital is to invest $100 million in Capistrano Wind Partners, a company formed last year by Edison Mission Energy (EME), TIAA-CREF and Cook Inlet Region Inc. (CIRI) to develop, own and operate a diversified portfolio of large-scale wind energy projects across North America.
The investment from AMP Capital, on behalf of a large Australian superannuation fund client, will help to fund the growth of the wind energy project portfolio.
AMP Capital is investing alongside the consortium of infrastructure investors, with EME continuing to manage and operate the wind farms. Capistrano Wind Partners currently owns five operating projects in Nebraska, Texas and Wyoming. The projects equate to 413 megawatts (MW) of operating capacity.
AMP Capital Head of Infrastructure Europe and North America Boe Pahari said: “We are pleased to invest in Capistrano Wind Partners. The US wind energy market is already well established and is a rapidly growing sector of the energy generation market. North America is a key area of growth for AMP Capital’s infrastructure business.”
He said the investment will provide clients with additional geographical diversification and exposure to a portfolio of high-quality wind projects, consistent with the focus on investing in high quality assets across the energy/power, transport and social infrastructure sectors in North America.
EME President Pedro Pizarro said the company was pleased to welcome a fourth partner into Capistrano Wind Partners. “We consider AMP Capital’s participation to be an important statement of confidence in EME’s record of developing, operating and managing wind energy projects, and in the Capistrano investment vehicle that was developed by TIAA-CREF, CIRI and EME,” he said.
AMP Capital is a specialist investment manager with over A$126.9 billion in funds under management as at 30 September 2012. It has more than 20 years experience in the sector, backing over 80 infrastructure (equity and debt) investments globally since 1988
AMP Capital is a subsidiary of AMP Limited, established in 1849, which is one of Australia’s largest retail and corporate pension providers. Anchorage-based CIRI is an Alaska Native corporation established by the Alaska Native Claims Settlement Act of 1971 to benefit Alaska Natives with ties to the Cook Inlet region. The Company is owned by more than 7,500 Alaska Native shareholders.