CPP Investments Fund UK Platform to Buy Finnish Wind Farms from OX2
Posted on 01/07/2021
Canada Pension Plan Investment Board (CPP Investments) committed up to €245 million to its U.K.-based platform – Renewable Power Capital Limited (RPC), in support of RPC’s first investment in European renewables. RPC was launched by CPP Investments in December 2020. According to the press release, “RPC has committed to acquire a 100% interest in a portfolio of three windfarms from OX2. OX2 will construct the wind farms under a tailored EPC contract and will, once commissioned, be responsible for the technical and commercial management of the wind farms. When all three wind farms are operational as planned in 2022, the portfolio is expected to produce close to 590 GWh per year, equivalent to the electricity consumption of approximately 118,000 households.”
The investment is in Finland. OX2 AB is a unit of Stockholm-based Peas Industries AB.
RPC forms a core part of CPP Investments’ multi-billion Power & Renewables investment strategy and will invest in solar, onshore wind and battery storage, among other technologies, across Europe. CPP Investments has made approximately C$9 billion of equity commitments to renewable energy globally as of September 30, 2020, with investments in development and operational assets across onshore wind, offshore wind, solar, hydro and associated storage and distribution.