First-of-its-kind transaction for IMCO will establish a global, utility-scale battery platform

TORONTO, August 5, 2021 – The Investment Management Corporation of Ontario (“IMCO”) announced today it has signed an agreement to acquire 100% of Green Frog Power Ltd. (“Green Frog”) and will invest up to $500 million (£288 million) over the next several years, to transform Green Frog 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,” said 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% of a company and it is a marquee addition to IMCO’s infrastructure portfolio. Green Frog was founded in 2009 and is a leading developer, owner, and operator of flexible generation projects in the UK. It has developed a substantial pipeline of near-term development projects and the Green Frog team is highly regarded with extensive expertise in design, development, construction, and operations of flexible generation assets.

“Over the past 12 years we have built Green Frog into a national leader in flexible generation,” said Jeremy Taylor, Founding Director at Green Frog Power. “We are excited to be working together to build a best-in-class scalable battery storage platform. IMCO’s acquisition enables us to continue to offer the UK market enhanced grid stability services.”

Renewable energy that is generated intermittently, like solar or wind, can cause system instability and price volatility when it is introduced into a power grid. The UK is expected to be a global leader in the adoption of intermittent renewable energy over the coming decades and battery storage is uniquely positioned to help system operators navigate this challenge.

“Utility scale batteries play a critical role in greening electricity by providing grid operators with frequency stability solutions, which enable further renewable penetration growth,” said Tim Formuziewich, Managing Director of Global Infrastructure at IMCO. “The acquisition of Green Frog gives us access to a leading flexible generation platform and a substantial development pipeline in what we believe is the early stages of a trillion-dollar utility scale battery sector.”

Completion of the transaction is subject to customary closing conditions and approvals.