Energy in Canada: A growing opportunity close to home
Canada has what many countries increasingly need: abundant energy resources, infrastructure and the capacity to support growing electricity demand. As investment accelerates across the energy system, opportunities are emerging for long-term investors. For IMCO, those opportunities are close to home. Approximately a third of our $90.7-billion portfolio is is invested in Canada, reflecting our role as a Canadian institutional investor and our confidence in the opportunities developing in our domestic market.
IMCO's home market advantage
When it comes to investing in energy infrastructure, our perspective is rooted in practical market knowledge and strong relationships. Since Canadian energy opportunities are often shaped by policy, regulation, procurement processes and regional market dynamics, local context is important when evaluating potential investments.
Being close to the market helps us assess risk with a clear view of local conditions. It also gives us flexibility in how we invest, whether directly in assets, or alongside experienced partners. In renewable energy, favourable public policy can also be helpful as projects mature and developers look to reinvest capital in new opportunities.
In a competitive market for high-quality Canadian energy assets, we look for opportunities where the fundamentals support resilient cash flows and the scale is meaningful for our clients. The following investments illustrate how this approach applies across different parts of Canada's energy system.
Notable Canadian energy investments
Algoma Hydro
As Canada's electricity needs increase, hydroelectric generation remains an important source of clean, reliable power. Long-life hydro assets can help support grid stability and provide dependable, low-carbon generation.
IMCO invested in Algoma Hydro in 2018, gaining access to a diversified portfolio of hydroelectric generation assets in Ontario and British Columbia, supported by an experienced operating partner in Brookfield. The portfolio represents 413 megawatts of capacity and is fully contracted with highly rated public-sector electricity entities. These contracts help provide stable, inflation-linked cash flows.
Algoma Hydro has long-life assets and plays a strategically important role in two major provincial power markets. Its performance has remained in line with expectations, supported by the value of reliable hydro generation as power markets tighten.
Pembina Gas Infrastructure
Canada's energy opportunity extends beyond power generation to the infrastructure needed to gather, process and move energy safely and reliably from producing regions to end markets.
In 2026, IMCO participated in an investment in Pembina Gas Infrastructure (PGI), one of the largest gas gathering and processing platform in the Western Canadian Sedimentary Basin, a key source of Canadian natural gas supply. With assets across Alberta and British Columbia, PGI plays an important role at the start of the gas value chain by processing raw natural gas so it can move safely and efficiently through the broader energy system. The platform has also reduced emissions intensity by connecting some gas processing plants to the B.C. power grid, where they are powered by clean electricity.
Our PGI investment provides exposure to essential Canadian energy infrastructure with long-life assets and stable, contracted cash flows that generate strong yield. It fits our Infrastructure strategy and adds diversification alongside IMCO’s clean energy holdings, extending our exposure to a different part of Canada’s energy value chain.
Image by Pembina Gas Infrastructure
A disciplined approach to an evolving energy market
As energy demand grows, so does the need for infrastructure that supports reliable, affordable supply. That creates opportunities to invest in assets with durable cash flows and a meaningful role in the country’s energy system.
We remain disciplined in our approach, focusing on investments where the fundamentals are clear, the local context is well understood, and the asset can contribute to resilient outcomes for our clients.
We will continue to assess Canadian energy infrastructure opportunities that align with our infrastructure strategy and meet our expectations for risk-adjusted returns and long-term portfolio fit.