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CPP Investments injects $1 billion into AlphaGen to support AI-driven energy growth

The Canadian pension fund takes a strategic minority stake in AlphaGen, a 11 GW U.S. power portfolio, to address rising electricity demand from data centres and artificial intelligence.

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Canadian fund manager Canada Pension Plan Investment Board (CPP Investments) has announced a $1 billion investment in AlphaGen, a platform owned by ArcLight Capital Partners, specialising in critical U.S. power infrastructure. The agreement grants CPP Investments a strategic minority interest in a portfolio exceeding 11 gigawatts spread across key energy markets nationwide.

The transaction comes amid surging electricity demand driven by the rapid expansion of data centres and artificial intelligence applications. AlphaGen is targeting regions such as Pennsylvania and Ohio, within the Pennsylvania-New Jersey-Maryland Interconnection (PJM) market, with investments aimed at upgrading existing assets and constructing new capacity.

Objective: meeting digital infrastructure needs

According to the involved parties, reliable and fast power access has become a decisive factor for AI and digital economy operators. AlphaGen’s facilities deliver stable power in high-demand regions, contributing to a balanced mix between conventional generation and renewables.

ArcLight President Angelo Acconcia welcomed CPP Investments’ entry into AlphaGen’s capital as a step that strengthens the platform’s ability to meet the growing needs of electrification and digital transformation. He also noted the operational strength of the portfolio led by Curt Morgan, a seasoned executive in the U.S. energy sector.

An investment pending regulatory approval

The transaction remains subject to regulatory clearance and is expected to close in the first half of 2026. CPP Investments continues its long-term engagement in the energy sector, covering renewable and conventional power generation, midstream assets, and electricity infrastructure.

Founded in 2001, ArcLight Capital Partners has managed more than 70 gigawatts of energy assets and 47,000 miles of electric and gas transmission lines, representing approximately $80 billion in enterprise value. The firm states that it has the internal technical, commercial and development resources to deliver large-scale, tailored infrastructure solutions for data centre expansion.

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