US clean energy provider secures money from Canada Pension Plan Investment Board

A subsidiary company of Canada Pension Plan Investment Board (CPP Investments) alongside two other investors have loaned $500m to US clean energy and fuel solutions provider VoltaGrid.

Last week, VoltaGrid announced the close of the $500m five-year senior secured term loan facility, which comes with an additional $50m accordion feature.

Investors in the term loan facility include Kennedy Lewis Investment Management, Blue Torch Capital and CPPIB Credit Investments, a wholly owned affiliate of CPP Investments the investment management arm of C$576bn Canada Pension Plan.

VoltaGrid provides clean energy turnkey power and fuel. In the last year, the company has completed the deployment of approximately 300 MWs of power generation capacity. It anticipates deploying 500 MWs in 2024 and early 2025.

AVoltagrid also operates five compressed natural gas terminals across the US, with the largest being in the Permian Basin.

Nathan Ough, VoltaGrid’s president and CEO, said: “With the recently completed investments in VoltaGrid and our robust pipeline of growth projects, we see line of sight to more than doubling the company in size in the next twelve months through an expansion in data centres, electric completions, microgrids, utility support, emergency relief and mining.

“We are excited to partner with strategic long-term institutional investors in CPP Investments, Kennedy Lewis, Longbow, and Blue Torch and look forward to growing our partnership.”

This comes as CPP Investments has invested $905m into a US-based renewable energy and transmission company in the last quarter of 2023.