Renewable Power Capital (RPC) significantly expands its presence in the Swedish market with the acquisition of a 528 MW onshore wind cluster
CPP Investments commits approximately €800 million to support RPC’s largest transaction to date.
RPC is an integral part of CPP Investments’ multi-billion sustainable energy strategy, targeting solar, onshore wind and battery storage opportunities across Europe
TORONTO, June 6, 2022 /CNW/ – The Canada Pension Plan Investment Board (RPC Investments) has pledged an additional €800 million to Renewable Power Capital Limited (RPC), in support of the largest investment by RPC to date, which covers a cluster of four onshore wind sites in Sweden. The final financial commitment will cover acquisition costs and provide capital to build and complete the project.
Latest investment will more than double RPC’s onshore wind portfolio from 317MW to 845MW across Sweden and Finlandin addition to a nearly 4 GW solar photovoltaic pipeline in Spain. The four new sites are expected to produce electricity ready to be exported to the grid in the fourth quarter of 2025.
RPC will be responsible for finalizing procurement and overseeing the construction management of projects, leveraging its growing industry 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, marketing and risk management to complete the transaction and will optimize the power contract and debt financing structure for the sites after completion. ‘acquisition.
“RPC continues to identify new opportunities to expand its footprint in its key target markets and execute the long-term strategy of investing in post-grant renewable energy and storage infrastructure through Europe,” said Bruce HoggManaging Director, Head of Sustainable Energy, CPP Investments.
“We have 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 renewable energy opportunities.”
RPC was launched by CPP Investments in December 2020.
About RPC Investments
The Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interests of the 21 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified asset portfolios, investments are made worldwide in public equities, private equities, real estate, infrastructure and fixed income securities. Based at Torontowith offices at hong kong, London, Luxemburg, Bombay, New York City, San FranciscoSao Paulo and sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. To March 31, 2022the Fund has totaled $539 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.
SOURCE Canada Pension Plan Investment Board
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