IMCO Announces Closing of Green Frog Limited Acquisition
TORONTO (October 6, 2021) – The Investment Management Corporation of Ontario (“IMCO”) is pleased to announce the closing of its previously disclosed 100% acquisition of Green Frog Power Limited (“Green Frog”). Green Frog is a leading developer, owner, and operator of flexible generation projects in the UK. IMCO announced it had signed an agreement to acquire Green Frog in August 2021.
Matthew Mendes and Trevor Wills have been appointed as Chief Executive Officer and Chief Operating Officer respectively, to lead Green Frog’s transformation into a global owner and operator of utility scale batteries and execute its substantial pipeline of battery projects under development. Messrs. Mendes and Wills have a combined 30 years’ experience building, operating, and managing electricity businesses across the globe, and will be based in London.
“We are delighted to reach completion of the Green Frog acquisition” said Tim Formuziewich, Managing Director, Global Infrastructure, IMCO. “The utility-scale batteries play a critical role in providing electricity grids with stability services and reflects our continuing commitment to the low-carbon energy transition, positioning IMCO well to invest further capital in what we believe will be a trillion-dollar utility scale battery sector.”
“This acquisition represents the cornerstone of what we intend to be a world-class clean energy storage platform” said Matthew Mendes, CEO, Green Frog. “I am delighted to have the opportunity to lead a team of highly talented people who are dedicated to lead in the transition towards a clean and stable power grid.”
IMCO’s Global Infrastructure program invests globally across energy, transportation, utilities, social and telecom sectors. The program is differentiated by its strong ESG-orientation with a focus on building a dynamic, future-proof portfolio that actively participates in and enables the global energy transition to a low carbon economy. Our diverse infrastructure team has decades of direct investing experience, is capable of efficiently structuring flexible capital solutions, and works in partnership with other like-minded investors to drive value. As of December 31, 2020, IMCO’s Global Infrastructure portfolio had $6-billion AUM. The portfolio is expected to grow to $12 billion or more by 2025.
The Investment Management Corporation of Ontario (IMCO) manages $73.3 billion of assets on behalf of its clients. IMCO’s mandate is to provide broader public sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors. Follow us on LinkedIn and Twitter @imcoinvest.