AMP Capital is to invest US$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 new 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. The investment in Capistrano Wind Partners will provide our investors with additional geographical diversification and exposure to a portfolio of high-quality wind projects.
“The investment is consistent with our focus on investing in high quality assets across the energy/power, transport and social infrastructure sectors in North America,” Mr Pahari said.
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,” Mr Pizarro said.
“We look forward to working with all the partners to explore potential additional wind project opportunities for the Capistrano portfolio,” Mr Pizarro concluded.
About AMP Capital
AMP Capital is a specialist investment manager with over A$126.9 billion in funds under management as at 30 September 2012 and more than 250 investment professionals. AMP Capital is one of the most experienced global infrastructure managers with more than 20 years experience and over 80 infrastructure (equity and debt) investments globally since 1988. AMP Capital was one of the first to invest in infrastructure when it participated in the financing of the Sydney Harbour Tunnel, Australia in 1988.
AMP Capital’s North American infrastructure business seeks to invest in infrastructure assets across energy/utilities, transport and social sectors. AMP Capital today manages unlisted and listed infrastructure investments in Asia, Europe, North America, Australia and New Zealand.
AMP Capital is a subsidiary of AMP Limited. Established in 1849, AMP has more than 160 years of experience providing financial services, and is one of Australia's largest retail and corporate pension providers.
About Edison Mission Energy (EME)
With offices in Santa Ana, Calif., EME companies own, operate or lease a portfolio of more than 40 electric generating sites in 12 states that are powered by wind, natural gas, and coal, as well as an energy marketing and trading operation based in Boston.
According to the American Wind Energy (AWEA), in 2012 EME was the sixth largest developer of wind energy projects in the US with a current portfolio of 29 projects in operation or under construction in 11 states with a total generating capacity of nearly 2,000 megawatts.
About Cook Inlet Region, Inc. (CIRI)
CIRI is an Alaska Native corporation. Based in Anchorage, CIRI was 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.
CIRI’s well-diversified portfolio of businesses and investments includes traditional and alternative energy and resource development, environmental services, oilfield and construction services, tourism and hospitality, real estate development, private equity and more.