Wakefield, Mass.-based Anbaric, a developer of clean energy transmission and microgrid projects, and Ontario Teachers’ Pension Plan have created a new company called Anbaric Development Partners, which will develop clean energy infrastructure projects in North America by accelerating the revitalization of aging transmission networks.
The existing Anbaric management team will lead the new partnership. Headquartered in Toronto, Ontario Teachers’ touts itself as Canada’s largest single-profession pension plan; it had C$171.4 billion in net assets as of Dec. 31, 2015.
Anbaric says it has been a prime mover behind a number of independent electric transmission projects in the Northeast, including the Neptune Regional Transmission System, which delivers 660 MW of power to Long Island, N.Y., from New Jersey; Vermont Green Line, a wind-plus-hydro project launched by Anbaric and now being completed by National Grid; and Poseidon, a transmission solution to bring wind- and hydro-generated energy into New York State.
“Today’s announcement is a critical step forward in linking an institutional investor with an energy infrastructure company at a key inflection point for the electric power grid,” comments Edward N. Krapels, founder and CEO of Anbaric.
“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launching pad for generating innovative energy jobs and boosting local economies while replacing our deteriorating and outdated fossil-fuel-oriented grid with new and sustainable energy alternatives,” Krapels continues. “This includes sophisticated, high-voltage, direct-current transmission technology and microgrid projects that will bring renewables online with greater efficiency.”
Andrew Claerhout, Ontario Teachers’ senior managing director for infrastructure and natural resources, adds, “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.”