Canada Pension Plan Investment Board agreed to invest more than C$1 billion ($756 million) in western Canada energy assets in a joint venture with energy infrastructure developer Wolf Infrastructure, said Dan Madge, CPPIB spokesman.
The board, which manages the C$268.6 billion in assets of the Canada Pension Plan, Ottawa, will fund future acquisitions made by Wolf, which will evaluate opportunities in natural gas, oil and liquid natural gas production and distribution, including pipelines, storage and terminals.
Wolf management came from Mistral Energy, which developed the Vantage ethane pipeline between North Dakota and Alberta. The pipeline and other Mistral assets were acquired in 2014 by Pembina Pipeline for $650 million, according to Pembina's website.
CPP Investment Board had C$14.83 billion in infrastructure investments as of June 30, according to its website. Its natural resource investments as of March 31, the end of CPPIB's fiscal year, totaled C$1.5 billion, Mr. Madge said.