Consortium takes one-third interest in 270-MW K2 wind farm in Ontario

A consortium composed of Axium Infrastructure, Alberta Teachers’ Retirement Fund Board (ATRF) and Manulife Financial Corp. announced Aug. 9 the completion of the acquisition of Samsung Renewable Energy‘s one-third interest in the K2 Wind Facility.

The remaining two-thirds interest is held, in equal proportion, by Pattern Energy Group Inc. and Capital Power Corp.

K2 is a 270-MW wind facility located near Goderich, Ontario, which achieved commercial operations in May 2015. It is comprised of 140 Siemens SWT-2.3 101 wind turbines. The project operates under a 20-year power purchase agreement with the provincial Independent Electricity System Operator (IESO).

“Our consortium is very pleased to establish a partnership with Pattern Energy and Capital Power,” said Juan Caceres, Vice President and Senior Investment Director of Axium Infrastructure.

“The K2 wind facility is an excellent renewable energy asset that further enhances our infrastructure portfolio. We are pleased to be working in partnership with Axium and Manulife on this acquisition,” said Rakesh Saraf, Head of Private Investments of ATRF.

“We are excited to be partnering with consortium members that share our long-term investment horizon for core infrastructure assets and to invest in this high quality asset,” said Richard Lee, Managing Director – Project Finance & Infrastructure of Manulife.

Axium Infrastructure is an independent portfolio management firm dedicated to generating long-term investment returns through investing in core infrastructure assets. Focus is placed on assets that are supported by robust market demand and under long-term contract with creditworthy counterparties.

The Alberta Teachers’ Retirement Fund Board is one of Canada’s fastest growing pension plans. ATRF manages a diversified global portfolio composed of investments in public financial markets, infrastructure, private equity, real estate and absolute return strategies. ATRF’s infrastructure portfolio includes investments in energy utilities, water utilities, renewable power generation, pipelines and transportation.

Manulife Financial is a leading international financial services group. It operates as John Hancock in the United States, and Manulife elsewhere.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.