Canadian Manufacturing

AIMCo spending US$500M on Howard Midstream stake

The investment corporation owned by the province of Alberta has already bought US$300 million worth of Howard Energy Partners preferred units and has committed to buy more



CALGARY—Alberta Investment Management Corp. says it is investing US$500 million in Howard Midstream Energy Partners to expand its exposure to the U.S. energy sector.

The provincially-owned investment corporation said Monday it had already bought US$300 million worth of Howard Energy Partners preferred units and has committed to buy US$200 million more.

AIMCo said the deal gives it exposure to an attractive infrastructure portfolio that will produce stable, fee-based cash flows.

Texas-based Howard Energy Partners owns and operates a network of pipelines, processing plants, storage facilities and other midstream infrastructure that service natural gas fields in Texas and Pennsylvania.

AIMCo is an arms-length agency of the Alberta government that manages more than $90 billion in investments on behalf of 31 public sector pension, endowment and government funds.

Related Posts from the network