CPP Investments consolidates offshore wind assets under Reventus Power to harness global growth opportunities
The Canada Pension Plan Investment Board (CPP Investments) has unveiled its plan to appoint Reventus Power, a United Kingdom-based portfolio company, as its exclusive global platform for offshore wind investments.
This initiative is part of a broader strategy to amalgamate CPP Investments' existing direct and indirect holdings in the offshore wind sector under Reventus Power's umbrella.
The move is aimed at augmenting the company’s worldwide presence and tapping into the burgeoning opportunities for growth within the offshore wind industry.
In line with its expansion strategy, Reventus Power is set to enhance its workforce by recruiting teams in the UK, Germany, Poland, and Portugal.
This recruitment drive is aimed at assembling a cadre of around 50 offshore wind specialists, contingent upon receiving the usual approvals.
Bill Rogers, managing director and global head of Sustainable Energies at CPP Investments, underscored the significance of Reventus Power to the organization’s energy strategy.
“Reventus Power is an important pillar of CPP Investments' global energy strategy, and its growth will help us expand our portfolio of green and transition assets. CPP Investments will benefit from the enhanced capabilities of Reventus Power to support our ambition to grow our offshore wind portfolio, where we see considerable potential,” Rogers stated.
He further elaborated on the critical role of offshore wind as an essential and rapidly advancing source of renewable energy, highlighting the necessity for long-term, scalable, and adaptable capital to develop the infrastructure essential for leveraging this energy source efficiently.
Reventus Power, established in 2021 as a centre of excellence for offshore wind, has played a pivotal role in CPP Investments' ventures into the global offshore wind market, including facilitating the firm’s entry into the US offshore wind market.
With CPP Investments’ current investment in offshore wind exceeding $1bn, Reventus Power is poised to continue securing new offshore wind projects.
The strategy involves leveraging its expertise, focusing on markets with supportive decarbonization targets, and forging partnerships with top-tier offshore wind developers and partners.
Rogers added, “CPP Investments and the experienced team at Reventus Power, are well positioned as an investor and partner of choice in offshore wind.”
CPP Investments' Sustainable Energies group, which invests in renewable and conventional energy, carbon capture, distributed energy, and emerging technologies, merges deep sector knowledge with the organization's global scope, long-term investment perspective, and flexible capital.
