TORONTO — A Massachusetts-based clean-energy developer has announced a partnership with the Ontario Teachers’ Pension Plan through which Teachers’ has committed to investing on new clean-energy infrastructure projects.
The partnership will create a new development company called Anbaric Development Partners that will "develop clean-energy infrastructure projects in North America, accelerating the revitalization of aging transmission networks," said the Anbaric media statement released March 9.
The existing Anbaric management team will lead the new company. Through Anbaric, Teachers' is "committed to funding development costs which are projected to produce $2 billion in fully constructed assets."
"Ontario Teachers' investment in Anbaric creates an attractive launching pad for generating innovative energy jobs and boosting local economies while replacing our deteriorating and outdated fossil fuel-oriented grid with new and sustainable energy alternatives. This includes sophisticated high-voltage direct current transmission technology and microgrid projects that will bring renewables online with greater efficiency," said Edward Krapels, founder and CEO of Anbaric, in a statement.
Major Anbaric projects identified have all been in the U.S., including the Neptune Regional Transmission System, which delivers 660 megawatts of power to Long Island from New Jersey, the Vermont Green Line, a wind-plus-hydro project launched by Anbaric and now being completed by National Grid, and Poseidon, a transmission project to bring wind- and hydro-generated renewable energy into New York State.