AIMCo investing US$500M in Howard Midstream for more U.S. oil and gas exposure
Posted Aug 22, 2016 02:20:13 PM.
Last Updated Aug 22, 2016 03:00:09 PM.
This article is more than 5 years old.
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.
