On December 19, 2022, Canada Pension Plan Investment Board (CPP Investments) has invested $272 million (US$200 million) in Redaptive, a top Energy-as-a-Service provider. This investment, part of a broader funding round that includes participation from existing investors Linse Capital and CBRE, supports Redaptive's initiatives in reducing energy consumption and carbon emissions while promoting sustainability across vast real estate portfolios.

Redaptive offers comprehensive energy solutions such as HVAC, LED lighting, solar installations, and EV upgrades. The company covers upfront costs, eliminating financial and logistical barriers for businesses aiming to enhance energy efficiency and sustainability. This approach has led to significant growth for Redaptive, including a projection of over 100% year-over-year bookings increase in 2022.

Bruce Hogg, Managing Director and Head of Sustainable Energies at CPP Investments, highlighted the alignment of this investment with CPP’s commitment to fostering the global energy transition through innovative, sustainable energy solutions.

The Energy-as-a-Service market in North America is expected to grow at a 30% CAGR from 2022 to 2030, reaching $52.4 billion (US$38.5 billion). With this funding, Redaptive aims to expand its services and further its mission of making carbon reduction achievable worldwide, according to CEO Arvin Vohra.

CPP Investments’ Sustainable Energies group, with a portfolio of approximately C$30 billion in renewables, utilities, and power generation, continues to be a significant player in the global energy market.