Canada’s largest pension fund manager is funding four wind sites in Sweden through its European-focused investment arm, Renewable Power Capital. The investment will more than double the pension fund’s onshore wind portfolio in Sweden and Finland, from 317 megawatts to 845MW. (The Logic)
Talking point: Monday’s announcement marks Renewable Power Capital’s biggest foray yet into Europe, where it currently holds five wind and solar assets in Sweden, Finland and Spain. RPC is a major pillar in CPP Investments’s Sustainable Energies platform, which invests in a range of international energy assets, including everything from solar farms to oil and gas. The company was launched in December 2020 and has been recapitalized several times, including a roughly €260 million top-up in March 2022. Renewable energy made up 1.54 per cent ($7.67 billion) of CPP Investments’s portfolio as of March 31, 2021, but the fund has been investing in more clean energy sources as it faces pressure to reduce its fossil fuel exposure.