Canada Pension Plan Investment Board (CPP Investments) has committed a further €800 million to Renewable Power Capital Limited (RPC), in support of RPC’s largest investment to date which covers a cluster of four onshore wind sites in Sweden. The latest investment will more than double RPC’s onshore wind portfolio from 317MW to 845MW across Sweden and Finland, in addition to a nearly 4GW solar PV pipeline in Spain.
Original Press Release:
Toronto, Canada, June 6 -- CPP Investments issued the following news release:
- Renewable Power Capital (RPC) significantly expands presence in the Swedish market with acquisition of 528MW onshore wind cluster
- CPP Investments commits approximately €800 million to support RPC’s most significant deal to date.
- RPC forms a core part of CPP Investments’ multi-billion Sustainable Energies strategy, targeting solar, onshore wind and battery storage opportunities across Europe
Canada Pension Plan Investment Board (CPP Investments) has committed a further €800 million to Renewable Power Capital Limited (RPC), in support of RPC’s largest investment to date which covers a cluster of four onshore wind sites in Sweden. The latest financial commitment will support the costs of acquisition as well as provide the capital required for construction and project completion.
The latest investment will more than double RPC’s onshore wind portfolio from 317MW to 845MW across Sweden and Finland, in addition to a nearly 4GW solar PV pipeline in Spain. The four new sites are expected to generate power ready for export to grid in Q4 2025.
RPC will be responsible for completing the procurement and overseeing the construction management of the projects, bringing to bear its increasing industrial capabilities as it seeks to partner with leading equipment manufacturers and construction companies. Consistent with recent investments, RPC has used its competitive and flexible approach to financing, commercialization and risk management to complete the transaction and will optimize the power contracting and debt financing structure for the sites post-acquisition.
“RPC continues to identify new opportunities to expand its footprint across its core target markets and deliver on the long-term strategy to invest in post subsidy renewable power and storage infrastructure across Europe,” said Bruce Hogg, Managing Director, Head of Sustainable Energies, CPP Investments.
“We established this business with deep capabilities and flexible capital, and we continue to support the business with additional long-term financial support to invest in attractive renewables opportunities.”
RPC was launched by CPP Investments in December 2020.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2022, the Fund totalled $539 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
Source: CPP Investments
[Category: Energy, New Renewable Energy, Business Expansion, M&A Activities, ESG]