GENERAL
GENERAL
GENERAL
Building a Carbon Capture & Storage Platform Company
Building a new carbon capture focused platform business within existing business by understanding entire value chain
Please note this investment was executed during prior employment of a Reinova Co-Founder
Transaction Overview
Transaction Overview
Altera Infrastructure was an offshore oil services business operating a fleet of ~18 shuttle tankers and building large-scale floating production storage and offloading (“FPSO”) units
Reinova principal was not involved in Brookfield’s initial investments in the company (2015-17) resulting in holding full control through a combination of debt and equity ownership
In Dec 2021 it became clear the businesses needed to be restructured via a Chapter 11 process, Ralf Rank joined the board with a restructuring and business repositioning mandate leading to positioning the business for 3 separate exits (Shuttle, FPSO, CCS) and developed thesis to build a new carbon capture business unit (on board to January 2025)
Shuttle was sold in January 2025 and the CCS Business in February 2025
Transaction Overview
Altera Infrastructure was an offshore oil services business operating a fleet of ~18 shuttle tankers and building large-scale floating production storage and offloading (“FPSO”) units
Reinova principal was not involved in Brookfield’s initial investments in the company (2015-17) resulting in holding full control through a combination of debt and equity ownership
In Dec 2021 it became clear the businesses needed to be restructured via a Chapter 11 process, Ralf Rank joined the board with a restructuring and business repositioning mandate leading to positioning the business for 3 separate exits (Shuttle, FPSO, CCS) and developed thesis to build a new carbon capture business unit (on board to January 2025)
Shuttle was sold in January 2025 and the CCS Business in February 2025
Investment Thesis
Investment Thesis
Altera had been evaluating CCS and was examining building new CO2 shuttle tankers to leverage its marine operations and technical expertise
We conducted a full bottom-ups strategic review of the CCS sector to determine the best strategy to generate additional shareholder value
Developed thesis that better value could be generated by (i) building a large-scale, ‘shared infrastructure’ full value chain CCS business of ~10 mtpa that would be anchored by long-term customer contracts and meet other infrastructure investment criteria and (ii) create the benefit of high barrier to entry position by first securing reservoir storage position
Invest for Value
Invest for Value
Secured Market Position: In May 2023 awarded reservoir license for carbon storage in Norway
Performed bottom-up license strategy to identify preferred reservoir
Secured Winter shall Dea (Harbour) as reservoir operating partner
Catalysed first private sector licensing round for CCS by making first application,
Subsequently additional licenses awarded
Built Separate, Focused Organization
Created organization around “Stella Maris CCS – SMCCS’ separate from overall business
Built commercial, technical, reservoir, finance and organizational functions
Value Creation
Value Creation
Commercial Strategy
Strategy to secure “anchor” customers
Developed terms for financeable customer contracts and pathway from MOU to firm contract
Technical Strategy
Implemented technical design strategy with key engineering firms and builders
Reservoir Strategy
Implemented reservoir development
Developed Overall Finance Strategy
Implemented project finance based principles to commercial contracting
Building for Exit
Building for Exit
Sale as Development Equity
Positioned SMCCS as standalone platform company in development stage
In October 2024 secured €225mn of grant funding under the EU Innovation Fund award
In February 2025 sold the company to Yinson Production
Yinson had secured an investment of $1B from a consortium led by Abu Dhabi Investment Authority (“ADIA”), and funds managed by British Columbia Investment Management Corporation (”BCI”), a portion of which was focused on energy transition business transformation
Building for Future Infrastructure Owner
Ultimate up to $2 bn total project
Developed overall project finance strategy to appeal to infrastructure debt and equity
Other Case Studies
Building Renewable US Hydro Business
Over 2007-14 acquired multiple hydroelectric portfolios, primarily in the United States
Enwave Canada
Enwave was a district energy business in and owned by City of Toronto - $330mm investment
