The Investment Management Corporation of Ontario (IMCO) is to acquire 100 per cent of Green Frog Power Ltd (Green Frog) and will invest up to $500 million (£288 million) over the next several years, to transform the business into an owner and operator of utility scale batteries and execute on its pipeline of battery projects under development.
The transaction will enable IMCO and Green Frog to establish a global, utility-scale platform focused on battery storage assets.
“IMCO is actively seeking new and innovative ways to participate in the global transition towards a low-carbon future while accessing compelling returns for our clients,” says Bert Clark, President and CEO of IMCO. “This acquisition is an excellent example of this strategy in action and is tightly aligned with our ESG and sustainable investing objectives.”
This transaction is the first time IMCO has acquired 100 per cent of a company and it is a marquee addition to IMCO’s infrastructure portfolio.
