AIMCo and Railpen acquire majority stake in Constantine Energy Storage

Alberta Investment Management Corporation (AIMCo), on behalf of some of its clients, and Railpen have acquired a 94 per cent stake in Constantine Energy Storage (CES), a grid-scale battery energy storage platform.

CES will invest more than £400m to build out a pipeline of battery energy storage projects in the UK, with these projects forming an “important part” of the UK’s plans to transition to net zero and are currently under development by Constantine Group subsidiary Pelagic Energy Developments.

Constantine investment director, Graham Peck, stated that the company has been seeing increasing deployment of renewable energy projects through its long track record, creating a “large” market opportunity and “inherent” infrastructure demand for energy storage.

Through the subsidiary Pelagic Energy, CES has a project pipeline of battery projects, Peck continued, which are deliverable in the near term.

Peck welcomed the acquisition, stating that Constantine was looking forward to working with AIMCo and Railpen in building a platform, and in so doing enabling and enhancing the production of renewable energy in UK.

AIMCo head of infrastructure renewables and sustainable investing, Ben Hawkins, commented: “The acquisition of CES is an ideal fit for our growing global portfolio of high-quality infrastructure assets. Grid-scale batteries are a critical enabler of the UK energy transition, and the country’s net-zero ambitions.

“We look forward to leveraging our deep asset expertise, working closely with the management team to build and grow this business that will support Britain’s energy needs and transition over the long term.”

Railpen investment director, Lewis Vanstone, added: “We are delighted to acquire a significant stake in CES, as part of our commitment to investing in innovative assets that grow our members’ capital over the long term.

“This acquisition marks Railpen’s first direct investment into battery storage and reflects our ambition to drive positive change through our portfolio, working with management to develop the critical infrastructure needed to support the UK’s transition to net zero.

“Railpen’s scale and long-term approach makes us an ideal partner for CES’s ambitions to improve battery energy storage capabilities and enhance energy security.”

    Share Story:

Recent Stories

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Global sustainable credit
Laura Blows speaks to Royal London Asset Management senior fund manager, Rachid Semaoune, about global sustainable credit
Global equities and transition investing
Pensions Age editor, Laura Blows speaks to Royal London Asset Management equity investment director, Jonathan Price, about transitioning to sustainable investments within global equities

Advertisement Advertisement Advertisement