CPP Investments to Acquire US$1 Billion Minority Stake in AlphaGen, Strengthening U.S. Power Infrastructure

ArcLight Capital Partners announced that Canada Pension Plan Investment Board has agreed to invest US$1 billion for a strategic minority stake in AlphaGen, one of the largest independent U.S. power portfolios. AlphaGen owns and operates over 11 gigawatts of critical power assets in key markets nationwide.

The investment, subject to regulatory approvals, is expected to close in the first half of 2026.

With power increasingly becoming a bottleneck for AI-driven growth, AlphaGen’s capacity, reliability, and ability to deliver “time to power” solutions position it as a key player in supporting accelerated demand. ArcLight and AlphaGen plan to expand infrastructure in high-growth regions such as Pennsylvania, Ohio, and across the PJM Interconnection market. “AlphaGen provides efficient, reliable power in some of the most high-demand U.S. markets. As demand for electricity accelerates, these assets will play a vital role in balancing renewable growth with the need for reliable supply,” said Bill Rogers, Head of Sustainable Energies, CPP Investments. “Partnering with ArcLight, a highly experienced investor in power markets, positions us well to support AlphaGen’s strong operational performance to deliver sustainable, long-term value for the CPP Fund.”

“ArcLight is excited to partner with another leading global investor – CPP Investments – in AlphaGen.  We look forward to working with the CPP Investments team to drive additional growth in the platform, and deliver on the reliability and capacity needs of AI and electrification power demand growth in North America,” said Angelo Acconcia, President of ArcLight. “AlphaGen, led by Curt Morgan, has a track record of strong operating performance that distinguishes the platform in the market,” said Andrew Brannan, Managing Director at ArcLight.