November 27, 2023 - The TD Greystone Infrastructure Fund¹ (the "Fund") has acquired the remaining minority interest in Rabbalshede Kraft ("Rabbalshede") giving the Fund a one hundred percent equity interest effective October 12, 2023. TD Asset Management Inc. ("TDAM") manages the Fund, which is an open-ended infrastructure fund that invests in long-term, essential infrastructure assets globally.

"Rabbalshede represents an important part of our portfolio, providing long-term stable cash flow, growth and diversification for our clients," says Jeff Mouland, Managing Director and Head of Global Infrastructure Investments at TDAM. "The Fund has continued to increase its ownership of Rabbalshede since the initial investment in 2017, and we were excited to have this opportunity to acquire the remaining shares."

Founded in 2005, Rabbalshede is an established and long-term player in renewable energy in Sweden with a strategic focus that has shifted from being a pure wind power company, to becoming a versatile renewable energy company that also develops solar energy, green hydrogen production, and battery storage.

The Fund made its first investment in Rabbalshede in 2017, and has continued to support its growth, acquiring a majority interest in 2021 and consolidating its ownership prior to this final acquisition of the remaining minority interest.

"The Fund continues to benefit from changes tied to the energy transition taking place worldwide," continues Mouland, "and we look forward to supporting the growth of Rabbalshede from a Swedish wind operator to a more diversified energy solution business across the Nordic region."

Rabbalshede currently has a total operating capacity of 469 MW across 21 wind projects, a further wind development pipeline of 580 MW, and is actively looking at diversifying its presence by geography in addition to expanding into solar, green hydrogen and battery storage.

"This strategic investment in Rabbalshede offers a scalable growth platform, portfolio diversification, and a diversified revenue base," concludes Mouland. "It is an excellent example of our team's ability to expand and grow the Fund's portfolio globally in essential infrastructure."

_{¹ The TD Greystone Infrastructure Fund is comprised of the TD Greystone Infrastructure Fund (Global Master) L.P., the TD Greystone Infrastructure Fund (Canada) L.P. and the TD Greystone Infrastructure Fund (Canada) L.P. II.}

About Rabbalshede Kraft

At Rabbalshede Kraft, we help shape the energy of tomorrow. Our driving force is to develop and operate sustainable energy solutions together with partners and local stakeholders. Through long-term ownership, we produce energy that can be used where and when they are needed the most. In a market where we compete with global players, we offer unique flexibility and local understanding – all the way from planning and construction to operation and management.

About TD Asset Management Inc.

TD Asset Management Inc. ("TDAM"), a member of TD Bank Group, is a North American investment management firm. TDAM offers investment solutions to corporations, pension funds, endowments, foundations, and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios, and corporate class funds. Asset management businesses at TD manage $408 billion in assets. Aggregate statistics are as of September 30, 2023 for TDAM and Epoch Investment Partners, Inc. TDAM operates in Canada and Epoch Investment Partners, Inc. operates in the United States. Both entities are affiliates and are wholly-owned subsidiaries of The Toronto-Dominion Bank.

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Media Contact:   

Julie Bellissimo
Senior Manager, Corporate and Public Affairs
TD Bank Group
julie.bellissimo@td.com