Canada Pension Plan Investment Board (CPP Investments) has rolled its holdings in energy, resources, power and renewables into a newly dubbed sustainable energy group (SEG) with approximately $18 billion in assets — including some related to conventional power, upstream oil and gas production, midstream processing, storage and transportation activities and liquefied natural gas. In addition to stretching the definition of sustainable, an accompanying announcement states the new entity will consolidate capital and expertise for a stronger position in the global energy sector.
“The energy sector is one of the most important enablers of the global economy and is composed of a wide spectrum of suppliers from conventional to renewable,” says Deborah Orida, senior managing director and head of real assets with CPP Investments. “Along our unique investment horizon, we see a dramatic opportunity to invest in, and support the evolution and innovation occurring across the sector.”
Bruce Hogg, managing director and previously head of CPP Investments’ power and renewables group, has been named SEG head. Avik Dey, managing director and head of the former energy and resources group, will continue to serve as senior advisor to SEG and the office of the chief executive officer for six months before moving on to his own entrepreneurial projects.
“The creation of the sustainable energy group with significant, flexible capital, positions us extremely well to pursue the best market opportunities across the entire energy spectrum,” Hogg maintains.