Innagreen launches global renewable energy investment platform with acquisition of Canadian wind project following investment from Morrison & Co
Wednesday 18th January 2023
Innagreen, which provides institutional investors with access to investments in utility-scale renewable energy projects, has acquired a 104MW, construction-ready Canadian wind project developed by RES, following an initial US$150 million investment from global infrastructure asset manager, Morrison & Co.
The acquisition marks the launch of Innagreen’s new investment platform, which aims to invest $1 billion across Australia, Canada and the United States over the next two years. The deal was completed via Morrison & Co’s open-ended global infrastructure fund, The Morrison & Co Infrastructure Partnership.
The 104MW construction-stage Hilda Wind Project in Canada will play an important role in decarbonising Alberta’s energy market. The project, developed by RES, will reach commercial operation in 2023. The offtake arrangements for Hilda are via a portfolio of PPAs, with 65% of the project generation contracted.
Innagreen’s evergreen platform will generate stable energy transition investment opportunities via exposure to large renewable energy projects and associated infrastructure. In the near-term Innagreen will invest in wind, solar and energy storage assets, with the longer-term potential to invest in green hydrogen projects.
As access to large scale renewable energy projects becomes increasingly competitive, Innagreen has entered a Right of First Offer (RoFO) agreement with RES, the world’s largest independent renewable energy company, through which it intends to transact on up to a third (c.1GW) of RES’ planned c.4GW renewable energy pipeline in Australia, Canada and the U.S. over the next two years.
Innagreen CEO, Olly Alexander, said: “We are delighted to launch Innagreen’s new investment platform and announce its first acquisition. The platform will provide an attractive, long-term, sustainable yield to institutional investors who want to meaningfully accelerate the energy transition. The combination of Innagreen and Morrison & Co’s renewables investment experience and RES’ best-in-class development, construction and operational services will enable Innagreen to become a major asset owner in its chosen geographies and realise our vision of a sustainable world driven by purposeful investment.”
Morrison & Co Partner and Global Head of Energy, Vimal Vallabh, said: “This latest partnership for our firm enables us to further expand our high-quality diversified portfolio of renewable assets. We have built extensive global expertise in this sector, and have established renewable energy development platforms in Australasia, Europe, North America and Asia. We are pleased to be able to continue our support of clean energy projects on behalf of our clients.”
Innagreen’s investment model is to acquire projects at ready-to-build stage. Focused on long-term investment strategies, Innagreen will hold projects for their full lifecycle and seek to add complementary technologies that support the energy transition, such as storage and green hydrogen. Innagreen will benefit from RES’ exemplary construction and operational support services, including best-in-class teams, control centres, asset optimisation and reporting, all of which enhance investment value across the portfolio.