CPP Investments Announces $200 Million Investment in Redaptive

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by KnowESG
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Canada Pension Plan Investment Board (CPP Investments) has announced an investment of about $200 million in Redaptive, a leading provider of Energy-as-a-Service.

Redaptive funds and installs energy-saving and energy-generating technology to help companies use less energy, save money, cut their carbon emissions, and reach their sustainability goals. Existing investors such as Linse Capital and CBRE will also participate in the investment.

Redaptive offers data-driven energy generation and efficiency programmes to enterprise customers, including HVAC, LED lighting, solar, EVs, and other utility upgrades that can be delivered at large sites or across distributed real estate portfolios. Redaptive funds the upfront costs, so customers can invest in energy efficiency and sustainability even if they don't have the required funds or time to do so.

“We are excited about funding Redaptive’s growing business, which helps organisations 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. "This investment fits with our goal of putting money into the best companies in their field that are helping the global energy transition by coming up with new ideas in energy efficiency, renewable energy, and the use of data solutions."

Since its inception, Redaptive has witnessed substantial growth, with bookings predicted to increase by more than 100% year over year in 2022. The company is well-positioned to keep taking market share in the growing Energy-as-a-Service sector thanks to its innovative, all-in-one sustainability solution for large companies around the world. According to a recent study, the North American Energy-as-a-Service industry is expected to increase at a 30% CAGR between 2022 and 2030, from US$4.8 billion to US$38.5 billion.

"This funding will help Redaptive grow faster and help more customers reach and exceed their goals for energy efficiency and sustainability. In CPP Investments, we have found a partner who understands our mission and shares our passion for making carbon reduction an attainable goal for organisations around the world,” said Redaptive CEO Arvin Vohra.

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Source: CPP Investments


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