Haddington Ventures Announces $650 Million Equity Syndication Program to Finance the World’s Largest Green Hydrogen Platform

AIMCo, GIC, Manulife and Ontario Teachers’ Supplying Funding for a Green Hydrogen Project to Assist the Western U.S. Utilities Meet up with Their Sustainable Strength Goals

HOUSTON – Haddington Ventures, LLC has formed Haddington ESP I, LP to provide design fairness for initiatives created by the Highly developed Clean Power Storage Joint Enterprise (ACES Delta, LLC), which will be the greatest eco-friendly hydrogen system in the world upon completion. With this equity funding, development can begin in June 2022, and hydrogen hub operations are scheduled to begin in 2025.

The investors in Haddington ESP are Alberta Expense Administration Corporation (AIMCo), GIC, Manulife Financial Company (Manulife) and Ontario Teachers’ Pension Approach Board (Ontario Teachers’). In addition to the investors’ original $650 million equity determination, they have further rights to raise their collective financial commitment to $1.5 billion.

“This is a pivotal expenditure for western states seeking to meet their intense decarbonization objectives,” mentioned John Strom, Handling Director of Haddington Ventures. “The ACES Delta hub will be larger sized than any existing green-hydrogen manufacturing and storage site by a element of 10, which is the scale essential for electric powered utilities. The project uniquely leverages commonly scalable electrolyzer systems with a number of significant salt dome storage caverns to make a significant environmental contribution.”

ACES Delta is establishing the inexperienced hydrogen storage hub in the vicinity of Delta, Utah, with electrolyzer potential to make up to 100 metric tonnes for every working day of eco-friendly hydrogen beneath a lengthy-term agreement with the Intermountain Ability Company (IPA). IPA is comprised of 23 Utah municipalities and owns the Intermountain Electricity Venture (IPP). IPP supplies power to the IPA members, six rural electrical cooperatives, and municipal utilities in Southern California, which includes Los Angeles, Burbank and Glendale.

The initial funding from Haddington ESP will finance a task to use renewable power assets to ability 220 megawatts of electrolyzers that will split h2o into hydrogen and oxygen. The resulting zero-carbon environmentally friendly hydrogen will be stored in salt-dome storage caverns and manufactured readily available on need to IPA, which intends to use the hydrogen in its blended-cycle normal gasoline plant to generate electric power for its job participants.

Design of the initial stage of the hub, which is now underway, will assist make up to 400 nearby construction work during the 3-12 months development cycle, and will lead significant home tax revenue to the nearby county companies this kind of as law enforcement, infrastructure, and other individuals.

ACES Delta is a joint venture among Mitsubishi Energy Americas and Magnum Enhancement, a managed portfolio corporation of Haddington Ventures. The Haddington/Magnum group delivers experience in underground salt storage progress, design, and operation whilst Mitsubishi Electricity Americas provides experience and technological aid for the electrolyzers and other energy related components. For additional info, you should pay a visit to aces-delta.com.

“AIMCo is fired up to be participating in the ACES Delta Platform together with strategic associates, which are aligned in supporting the Delta internet site turning into a crucial hydrogen production & storage hub for the Western US.  Hydrogen is predicted to participate in a essential part in conference lots of industries and stakeholders’ current and upcoming decarbonization objectives. We see the extended-time period contracted character of the original Challenge fitting effectively within just the strategic goals of our client’s portfolios and the likely for future financial investment in this developing sector.”

Ben Hawkins, Head, Infrastructure, Renewables & Sustainable Investing AIMCo

“We firmly imagine that environmentally friendly hydrogen will participate in a key role in decarbonization in the US, wherever prolonged-duration storage will be critical for the higher penetration of renewable electric power, and to meet fluctuating inter-period power demand. As a long-term trader, we are happy to spouse with this robust group of likeminded builders and equity partners to place ourselves effectively for the rising hydrogen economic system.”

Ang Eng Seng, Chief Expenditure Officer of Infrastructure for GIC

“Manulife is thrilled to extend its longstanding financial investment romance with Haddington Ventures and companion together with these strategic traders in initiatives produced by ACES Delta.  We consider ACES Delta is uniquely positioned to build a big-scale environmentally friendly hydrogen output and storage system to serve rising customer desire.  This investment supports our aims to support aid the decarbonization of power resources and improve our $42 billion portfolio of environmentally friendly investments.”

Adam Sensible, Head of Pure Resources and Sustainable Remedies, Manulife

 “We’re very pleased to be investing in one of the largest and most advanced green hydrogen projects in the U.S.. Ontario Teachers’ is fully commited to decarbonization and the energy changeover and we imagine environmentally friendly hydrogen production and storage will engage in an vital purpose in this changeover. We see the ACES Delta system as the commencing of a long-phrase partnership with a leading-excellent developer.”

Chris Eire, Managing Director, Greenfield and Renewables at Ontario Teachers’.

Legal illustration to Haddington ESP buyers was supplied by Sidley Austin LLP, although Haddington Ventures was represented by Willkie Farr & Gallagher LLP

About Alberta Expense Management Company

Alberta Financial investment Management Corporation, AIMCo, is a person of Canada’s largest and most diversified institutional expenditure managers with extra than CAD $168 billion of belongings under management, as at December 31, 2021. AIMCo invests globally on behalf of 32 pension, endowment and govt funds in the Province of Alberta.

The AIMCo Infrastructure group manages a portfolio of around CAD $10.5 billion in investments, comprised largely of very long-term fairness positions in OECD-primarily based infrastructure assets. These belongings generally offer crucial products and services to the community and are both regulated or have extremely contracted revenues with the opportunity for extended-term cash appreciation. AIMCo infrastructure investments are supposed to match prolonged period authentic return asset attributes with inflation-indexed pension liabilities.

About GIC

GIC is a foremost international financial commitment business founded in 1981 to safe Singapore’s fiscal upcoming. As the supervisor of Singapore’s international reserves, GIC usually takes a lengthy-phrase, disciplined strategy to investing and is uniquely positioned throughout a extensive vary of asset courses and lively methods globally. These incorporate equities, mounted profits, true estate, personal equity, undertaking capital and infrastructure. Its prolonged-time period strategy, multi-asset abilities and world wide connectivity allow it to be an trader of option. GIC seeks to increase significant benefit to its investments. Headquartered in Singapore, GIC has a international talent power of above 1,800 people in 10 essential monetary towns and has investments in in excess of 40 countries.

About Manulife

Manulife Money Company is a primary international fiscal providers supplier that aids individuals make their conclusions easier and lives much better. With our world wide headquarters in Toronto, Canada, we provide economical suggestions and insurance policies, working as Manulife throughout Canada, Asia, and Europe, and generally as John Hancock in the United States. By means of Manulife Financial commitment Management, the global brand for our world-wide wealth and asset management section, we serve people today, establishments, and retirement plan customers all over the world. At the end of 2021, we had a lot more than 38,000 staff members, above

119,000 brokers, and thousands of distribution companions, serving around 33 million prospects. Our principal operations are in Asia and Canada, and the United States, the place we have served clients for a lot more than 160 yrs. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and beneath ‘945’ in Hong Kong. In the former 12 months we produced CAD$32.7 billion in payments to our buyers.

Not all choices are obtainable in all jurisdictions. For additional details, remember to pay a visit to manulife.com.

About Ontario Teachers’ 

Ontario Teachers’ Pension System Board (Ontario Teachers’) is a world wide trader with net assets of C$241.6 billion as at December 31, 2021. We invest in far more than 50 nations in everything from equities to real estate to infrastructure and undertaking development, to supply retirement revenue for 333,000 present and retired lecturers in Ontario.

With places of work in Hong Kong, London, San Francisco, Singapore and Toronto, our additional than 350 investment gurus provide deep expertise in industries ranging from agriculture to synthetic intelligence. We are a totally funded defined benefit pension plan and have earned an once-a-year overall-fund web return of 9.7% considering that the plan’s founding in 1990. At Ontario Teachers’, we don’t just devote to make a return, we commit to condition a far better upcoming for the academics we provide, the firms we back, and the world we dwell in. For more info, visit otpp.com and abide by us on Twitter @OtppInfo.

About Haddington Ventures

Launched in 1998, Haddington Ventures, LLC oversees a growing portfolio of successful standard and renewable vitality organizations that are bringing innovative new infrastructure to the U.S. strength sector. Haddington’s special combination of sector knowledge, investment encounter and operational know-how gives an crucial gain in pinpointing and generating value in its financial investment options. Generally, Haddington invests in firms whose businesses guidance the wide working and infrastructure prerequisites pushed by the developing demand for energy.