Major new investor joins Partnerships for Renewables

Published: 15/12/2010

Major new investor joins Partnerships for Renewables

Partnerships for Renewables has announced that OPTrust Private Markets Group, the infrastructure arm of a major Canadian pension plan, has joined Carbon Trust Enterprises and HSBC Environmental Infrastructure Fund as a major investor in the company. OPTrust has committed up to £19million to gain a 33% stake in Partnerships for Renewables.

Stephen Ainger, Chief Executive of Partnerships for Renewables, commented: “This new investment enables us to build on our success in creating a large development portfolio and puts us in a strong position for additional growth. Importantly it will help us deliver the economic and environmental benefits associated with renewable energy development to an increasing number of public sector bodies. Our activities are picking up pace with three planning applications now submitted and more to follow in 2011.

“During the investment process we had several interested parties reflecting the progress made by Partnerships for Renewables and the potential in the business.”

Tom Delay, Chairman of Partnerships for Renewables and Chief Executive of the Carbon Trust, said:

“The low carbon economy needs a massive injection of private capital to enable the UK to deliver on its carbon targets.  We are delighted to have attracted Canadian pension funds to ensure that Partnerships for Renewables is positioned for further growth and can build out major renewable power projects on public sector land in the years ahead.”

Kevin Warn-Schindel, Group Head & Managing Director, of OPTrust Private Markets Group: “We are excited to participate in this venture which will complement and support our broader investments in the renewable energy sector. As our beneficiaries are active and retired civil servants, the unique public private partnership that lies at the heart of the PfR value proposition is very appealing. We look forward to working closely with our partners in the future.”

Notes to editors

Partnerships for Renewables

Partnerships for Renewables was set up by Carbon Trust Enterprises in 2006 to work in partnership with the public sector to develop, construct and operate renewable energy projects. By providing a one stop shop for the development of renewable energy projects focused on a project development process tailored to the specific needs of the public sector, Partnerships for Renewables provides a way for public sector bodies to access the economic and environmental benefits associated with renewable energy and contribute towards the fight against climate change without diverting public sector resources away from frontline services.

Partnerships for Renewables is currently working with several Central Government Agencies, Local Authorities and Higher Education establishments. These relationships include the Ministry of Justice, the Forestry Commission, the Environment Agency, British Waterways, the Coal Authority, Clackmannanshire Council, Oxford City Council, Caerphilly County Borough Council and the University of Reading.

Carbon Trust Enterprises

The Carbon Trust was formed nine years ago with a clear mission - to accelerate the move to a low carbon economy by working with business and the public sector to reduce carbon emissions, save energy and commercialise low carbon technologies.

Carbon Trust Enterprises is a wholly owned subsidiary of the Carbon Trust and through the development of low carbon businesses supports the Carbon Trust''s objective of making the business case for climate change.

HSBC Environmental Infrastructure Fund

HSBC Environmental Infrastructure Fund is managed by HSBC Specialist Fund Management Limited (‘HSFML’), which is authorised and regulated by the Financial Services Authority and is a wholly-owned subsidiary of HSBC Holdings plc.

OPTrust Private Markets Group

The OPTrust Private Markets Group ("PMG") is the private markets investment arm of OPTrust, a jointly sponsored Canadian pension fund. PMG is responsible for all of OPTrust''s private markets investing which includes both private equity and infrastructure with a total capital allocation of C$5.5 billion. PMG has offices in London and Toronto and has a dedicated team of over 30 professionals with significant principal investing expertise.

Within the infrastructure portfolio, PMG has considerable experience in sourcing, executing and managing businesses across a variety of sectors globally, including renewable power, conventional power generation, regulated utilities, transportation and social infrastructure at various stages of development (i.e. both operational and development assets).

Please see www.optrust.com for further information on OPTrust.

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