ArcLight Capital Partners announced that Canada Pension Plan Investment Board (CPP Investments) will invest $1 billion for a minority stake in AlphaGen, one of the largest independent power portfolios in the U.S., launched in January 2024. The platform, led by Curt Morgan, holds more than 11 gigawatts of critical power assets located in high-demand markets across the country. 

“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 at CPP Investments. 

Angelo Acconcia, president of ArcLight, added: “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.” 

ArcLight, which has invested in and operated over 70 GW of assets and 47,000 miles of energy transmission infrastructure representing roughly $80 billion in enterprise value since 2001, has been scaling AlphaGen with strong institutional support. Earlier this year, the Abu Dhabi Investment Authority committed $500 million for a minority stake in the platform. 

On the acquisitions front, ArcLight has also been active. In July, the firm acquired energy developer Advanced Power, committing $1 billion in equity to accelerate new infrastructure projects. It also purchased a 25% stake in the Natural Gas Pipeline Company of America (NGPL) and a 25% equity stake in the Gulf Coast Express Pipeline (GCX) from Phillips 66 for $865 million. 

The CPP Investments transaction is expected to close in the first half of 2026.