Jason Zibarras, Managing Partner and Founder of Argo Infrastructure Partners
By CorpGov Editorial Staff
As investors and policymakers increasingly emphasize sustainability, infrastructure managers are being pressed to demonstrate that their portfolios not only support environmental goals but also deliver consistent returns. Argo Infrastructure Partners, a long-term investor in essential infrastructure, has been integrating sustainability into its responsible investment strategy from day one. Argo’s Hawaii Gas assets, its Smoky Mountain hydroelectric facilities, and its investment in Ice Energy, thermal energy storage, highlight a distinctive approach to managing the transition to a lower-carbon economy.
We spoke with Jason Zibarras, Managing Partner and Founder of Argo Infrastructure Partners, to discuss how the firm views responsible infrastructure investing, and what some of its portfolio companies are doing to lead in sustainability while serving essential customer needs.
CorpGov: Argo owns Hawaii Gas, the only government-franchised, full-service gas company manufacturing and distributing gas in the state. How does this fit into your sustainable investment approach?
Jason Zibarras: Hawaii Gas is a good example of what sustainable infrastructure looks like in practice and the journey that it is on. Argo seeks to invest in well-managed utilities that are moving us toward a sustainable future, and Hawaii Gas is working to decarbonize its fuel supply, aligning with the State of Hawaii’s 100% renewable/net zero energy goals.
CorpGov: What does that mean in practice?
Jason Zibarras: Well today, that includes blending renewable natural gas and hydrogen into its system and exploring carbon-negative fuel options. The company is deeply embedded in the state’s energy system, serving over 70,000 customers across six islands. In the future that could include blending higher amounts of green hydrogen into the gas supply system.
From our perspective, investing in essential infrastructure doesn’t mean choosing between reliability and sustainability, it’s about reinforcing both.
CorpGov: There is talk about hydrogen use, are there many gas utilities that do this
Jason Zibarras: We believe that with a ~12% current hydrogen content, Hawai’i gas is the global market leader, in terms of gas utility network operator, when it comes to actual hydrogen content in the gas supplied to users.
CorpGov: Hydroelectric assets are often seen as legacy renewables. What was the strategic rationale behind acquiring a stake in Brookfield’s U.S. hydro portfolio?
Jason Zibarras: Hydroelectric generation is one of the most dependable forms of renewable/zero carbon energy, and reliability is critical as more intermittent sources like wind and solar are increasingly incorporated into the power grid. The portfolio we acquired consists of 378 MW of capacity across key U.S. regions, and these low-emission assets have been powering communities for decades.
For us, it’s about owning infrastructure that contributes to decarbonization while meeting the energy demand of the electric grid and ultimately users. Hydropower continues to play a major role in energy security and climate resilience.
CorpGov: How does Argo ensure its sustainability goals are embedded beyond asset acquisition, such as in the actual stewardship of these portfolio companies?
Jason Zibarras: Purchasing a high-quality infrastructure asset is just the beginning. We develop a comprehensive plan to manage the life of each asset so that its environmental impact is minimized and its useful life is extended for as long as economically feasible. Our team engages with a company’s Board or executive management team to establish the strategic goals, provide operational guidance and help monitor, focus, and improve business performance.
CorpGov: Does Argo view sustainability as a value driver or a risk management strategy?
Jason Zibarras: It’s both. Sustainability considerations are fundamental to infrastructure investment performance. Energy transition policies, climate adaptation and stakeholder expectations are three examples of potential risks that are also central to the long-term viability of an asset.
Beyond risk, we also see an upside. Assets like Hawaii Gas and our Smoky Mountain hydro assets are increasingly valuable as demand for carbon-light assets continues to grow. The assets’ ability to operate in an environmentally conscious and reliable way makes them essential, which in turn helps deliver investment returns.
CorpGov: As more renewables are integrated into the grid, flexibility and storage are becoming more critical. How does Argo view technologies like thermal storage or other non-traditional grid solutions?
Jason Zibarras: We see grid flexibility as a key component of the energy transition. Innovation is needed to support this transition. For example, one of our portfolio companies, Ice Energy, created a line of products to store energy by freezing and storing ice during cooler, off-peak hours. Ice Energy helps utilities balance the increasing acute demand imbalance by providing distributed grid-scale virtual power plant solutions for permanent load shifting, peak to off-peak, which helps utilities meet their resource adequacy requirements and ultimately saves consumers and businesses money, while improving their carbon footprint. Utilities are able to use this capacity to reduce their resource adequacy requirements. Technologies like this are key and increasingly part of the solution.
CorpGov: Are there other technologies that you think are important or becoming more critical?
Jason Zibarras: There are a lot of solutions and approaches that are developing and maturing, whether it’s hydropower solutions or thermal energy storage, we’re focused on infrastructure that improves the efficiency and resilience of the electrical grid overall. Meeting demand with renewable resources requires thinking differently about time-shifting energy use. That’s very much aligned with our view that infrastructure must evolve alongside existing technologies.
CorpGov: Some are only now starting to integrate sustainability practices. How long has Argo been pursuing this path?
Jason Zibarras: From day one. Our firm was built around the idea that essential infrastructure needs to be managed responsibly, including environmentally and financially. That’s not a recent pivot for us; it’s been embedded in our practices since inception because it creates value for our investors as well as satisfies sustainability concerns.
Whether it’s reducing emissions, supporting grid stability, or investing in local workforce and community development, we believe infrastructure can be a force for good. That’s the approach we’ve taken, and we think it’s the right one for this moment and for the long term.
CorpGov: How does Argo’s investment in Corning Gas and Electric align with the firm’s responsible infrastructure investing strategy?
Jason Zibarras: Argo’s strategy is to invest in high-quality infrastructure businesses and assets that provide essential services to their communities and achieve sustainable investment returns over their long operational lives. To this end, Argo’s investment allowed Corning to focus on safety and accelerate its growth opportunities, such as the leak-prone pipe replacement program approved by the respective utility commissions, or the expansion of service to previously unserved or underserved areas. Population growth also bolsters the business. We are constantly looking for opportunities to invest and grow by strengthening and broadening the footprint of the businesses.
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