Alberta Investment Management Corporation (AIMCo) is pleased to announce that it has acquired Astatine Investment Partners’ (formerly Alinda Capital Partners) stake in Howard Energy Partners. As a result of this transaction, AIMCo holds a total ownership stake of 87 percent in Howard Energy Partners (HEP). HEP is a diversified energy platform business with strategically located midstream and downstream assets in the United States, where long-term, fixed-fee contracts make up the majority of revenues. HEP was recently awarded a five-star ESG rating from GRESB, a leading ESG benchmark for global infrastructure investments. The company scored in the top 10 percent of all private companies who participated in the GRESB assessment and was named the 2022 Most Improved in Infrastructure. AIMCo acquired an initial 28 percent stake in HEP, on behalf of certain of its clients, in early 2017. Since that time, the investment has performed well and continues to align strongly with AIMCo Infrastructure’s energy transition strategies.
HEP management and other minority investors will continue to hold a 13 percent ownership interest in the company. “We are excited to make further investment in Howard Energy and to grow our global portfolio of high-quality energy infrastructure assets on behalf of our clients,” said Ben Hawkins, Executive Managing Director & Head, Infrastructure, Renewables & Sustainable Investing. “AIMCo’s significant ownership ensures continuity of a very successful, long-term partnership with Howard Energy.” “As one of the premier capital providers in the industry, AIMCo has been a long-time and trusted partner of HEP. They have supported our vision of growth and value creation while at the same time supporting our commitment of delivering positive energy in new and innovative ways,” said Mike Howard, HEP Chairman and CEO. “I am excited that we are significantly expanding our partnership in North America, and I believe that together we will be able to further scale our platform of assets for many years into the future.” Terms of the transaction have not been disclosed. TPH&Co., the energy business of Perella Weinberg Partners, served as financial advisor and Kirkland & Ellis LLP served as legal advisor to AIMCo on the transaction.
About Alberta Investment Management Corporation
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $150 billion of assets under management. AIMCo was established on January 1, 2008, with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 32 pension, endowment, and government funds in the Province of Alberta. For more information on AIMCo please visit www.aimco.ca or follow us on LinkedIn.
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