CPP Investments Funnels More Cash into Renewable Power Capital
Posted on 03/01/2022
Canada Pension Plan Investment Board (CPP Investments) has committed a further €260 million to Renewable Power Capital Limited (RPC), in support of RPC’s ongoing investment strategy, including its initial investment in Swedish onshore wind and recent investments in Spanish solar projects.
RPC, CPP Investments’ U.K. based onshore renewables platform, has recently committed to acquire the Klevberget onshore wind farm, with a capacity of 146 MW, in their first Swedish deal. OX2, a leading developer and constructor of large-scale onshore wind power in Europe, is constructing the wind farm under their construction and asset transfer agreement. Once commissioned, OX2 will be responsible for the technical and commercial management of the wind farm. It will provide clean energy equivalent to the consumption of approximately 46,000 households. RPC is partnering with OX2, delivering additional energy capacity which will compete without subsidies in the Nordic region.
The deal builds on the ongoing relationship between RPC and OX2. In 2021, RPC acquired a 171MW portfolio of Finnish onshore wind projects from OX2. RPC was launched by CPP Investments in December 2020.