CPP Investments invests in energy-as-a-service provider Redaptive

Return investors Linse Capital and CBRE also participated in the round.

  • Redaptive is expecting to announce a second close in early 2023
  • CPP Investments’ sustainable energies group has net assets totaling approximately C$30 billion as of September 30, 2022
  • CPPIB has C$529 billion assets under management, also as of September 30, 2022

Canada Pension Plan Investment Board has invested about $200 million in Redaptive, a San Francisco-based energy-as-a-service provider that funds and installs energy-saving and energy-generating equipment.

Return investors Linse Capital and CBRE also participated in the round. Redaptive is expecting to announce a second close in early 2023.

Redaptive provides enterprise customers with data-driven energy generation and efficiency programs including HVAC, LED lighting, solar, EV and other utility upgrades that can be deployed at large sites or across distributed real estate portfolios. It funds the upfront costs, allowing customers to overcome the financial and logistical barriers to investing in energy efficiency and sustainability.

“We are excited about funding Redaptive’s growing business which helps organizations to rapidly reduce energy consumption, save internal capital, and meet GHG emission reduction targets across their entire real estate portfolios,” said Bruce Hogg, managing director, head of sustainable energies at CPP Investments, in a statement. “This investment is consistent with our focus on investing in best-in-class companies that are supporting the global energy transition by innovating in energy efficiency, sustainable energy, and the deployment of data solutions.”

Headquartered in Toronto, CPP Investments has C$529 billion assets under management, as of September 30, 2022. Its sustainable energies group has net assets totaling approximately C$30 billion as of September 30, 2022.