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New Zealand Superannuation Fund Embraces Green Streak

Matt Whineray

Matt Whineray

Sovereign wealth funds have an eye for promising renewable energy companies – some successful, some not. The New Zealand Superannuation Fund (NZSF) invested US$ 55 million in Ogin Inc. Formerly known as FloDesign Wind Turbine Corporation, Massachusetts-based Ogin is a developer of wind turbines that utilizes aerospace technology. In its infancy, the startup received funding from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E). The US$ 8.3 million grant from ARPA-E helped with the turbine’s development.

Ogin has a difficult road ahead of them – balancing product execution with regulatory risk. In addition, potent incumbents like General Electric or Vestas are the key actors in the wind turbine industry. General Electric constructs mega wind turbines for massive wind farms. Taking a different approach, Ogin is focusing on building smaller wind turbines and placing them locally, near residential areas and campuses.

In a press release, Matt Whineray, General Manager of Investments for the NZSF stated, “We look forward to working with Ogin as it further develops its products and markets, and as it redevelops existing wind farms using its new turbines.”

Before the investment in Ogin, the NZSF invested US$ 50 million in fuel cell startup Bloom Energy. Known for the Bloom Box, Bloom Energy is backed by a laundry list of Silicon Valley venture capitalists like NEA and Kleiner Perkins Caufield & Byers. Bloom Boxes use solid oxide fuel cell technology to create energy and are used by data centers operated by Apple, Google and Microsoft. In late November, Bloom Energy hit a milestone, installing its first fuel cells in Fukuoka, Japan.

SWFI First Read, November 19, 2017

Mubadala Petroleum Sees Opportunities in Mexican Upstream and Downstream

Mubadala Petroleum, a unit of Mubadala Investment Company, is studying investment opportunities in Mexico. The opportunity set is both in upstream in oil production, or in downstream sectors. Mubadala recently invested heavily in the Gulf coast.

OMERS-Backed CEDA International Corporation Acquires Joe Loomis Trucking

In 2005, Borealis Infrastructure, a unit of OMERS, had acquired CEDA International Corporation (then known as CEDA Holdings Limited) from Precision Drilling Corporation for C$ 274 million. CEDA International Corporation was moved into the portfolio holdings of OMERS Private Equity, another unit of OMERS. On November 16, 2017, CEDA International Corporation acquired Dawson Creek, British Columbia-based Joe Loomis Trucking Limited.

IMF Believes Kuwait Government Needs $100 Billion Over Next 5 Years for Gross Financing Needs

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Ontario Teachers’ Takes to the Seas with Atlantic Aqua Farms Acquisition

The Ontario Teachers’ Pension Plan (OTPP) has made its first investment in the rising aquaculture industry with the acquisition of Orwell Cove-based Atlantic Aqua Farms, Inc. (AAF) and its affiliated entities from San Francisco-based private equity firm Encore Consumer Capital, through its Encore Consumer Capital Fund L.P., for an undisclosed amount. Estimates of the deal’s value, however, place it at over C$ 100 million. Encore Consumer Capital put AAF for sale back in March 2017.

Based out of Canada’s Prince Edward Island, AAF is the largest grower and processor of the region’s famed blue mussels under the brand names Canadian Cove, Confederation Cove, and J.P.’s shellfish. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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UAE Prepares ADNOC Distribution IPO

The Abu Dhabi National Oil Company (ADNOC) embarked on plans to sell a minority stake of 10% or more in its fuel distribution unit in an initial public offering on the Abu Dhabi Securities Exchange (ADX) scheduled for December of 2017. ADNOC Distribution is the largest fuel distributor in the United Arab Emirates with 67% of the market share by number of retail service stations and benefits from a “stable and predictable” market-pricing regime, according to a company statement.

The offering will consist entirely of existing stock held by ADNOC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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