Marmen to restart wind tower production for 350-MW Quebec project
Sep 18, 2024 16:11 CESTCanada Pension Plan Investment Board (CPP Investments) will consolidate its offshore wind investments into its UK-based portfolio company Reventus Power, which will become its dedicated global offshore wind platform.
The investment management arm of the Canada Pension Plan wants to grow its offshore wind portfolio, where it sees significant potential, according to an announcement on Monday,
As a result of the change, Reventus Power is expanding its staff in the UK, Germany, Poland and Portugal, to assemble a team of about 50 offshore wind specialists. It has also appointed a new chief executive officer, Michael van der Heijden, who joins from European offshore wind developer Maple Power.
“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,” said Bill Rogers, Managing Director, Global Head of Sustainable Energies, CPP Investments.
Rogers added that offshore wind is evolving rapidly and that long-term, scale and flexible capital is needed to build offshore wind infrastructure at pace.
“We have a strong pipeline of projects in place, and some significant new partnerships to announce shortly, and look forward to establishing future ones in new locations over the coming years,” said Michael van der Heijden.
CPP Investments currently has an exposure of more than CAD 1 billion (USD 736m/EUR 680m) to offshore wind. At the end of 2023, the CPP fund amounted to over CAD 590 billion.
(CAD 1.0 = USD 0.736/EUR 0.680)
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