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The Canada Pension Plan Investment Board (CPPIB), working with private equity firm Blackstone, announced a $843 million investment in Denver-based midstream company Tallgrass Energy on August 13.
“With a business strategy that combines traditional energy and decarbonization solutions, Tallgrass is an attractive investment opportunity because of its dual role in delivering against growing energy needs and increasing decarbonization opportunities,” said Bill Rogers, managing director and global head of sustainable energies at CPPIB, in a press release.
Tallgrass is one of the U.S. largest private midstream companies, with assets in 14 states. The company is currently developing the Trailblazer project, a plan to convert a 400-mile natural gas pipeline into a CO2 transport system in Nebraska, Wyoming and Colorado. The company is also the majority owner of the Escalante H2 Power project in New Mexico, which aims to convert a former coal-burning power plant into a hydrogen-fired facility.
The Canadian Parliament established CPPIB in 1997. While accountable to the federal government, the fund is operated as a private entity for the 22 million Canadians that contribute to the pension plan. The board invests in an international portfolio to diversify its assets. The CPP has net assets worth $24.9 billion, according to the company’s website.
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