Canada Pension Plan Investment Board (CPPIB) has expanded its renewables portfolio by acquiring a Canadian operating wind and solar power portfolio and by investing further in ReNew Power Ventures.

The pension fund said it is buying the assets from New York-listed NextEra Energy Partners for $741m (€601m), inclusive of working capital and subject to customary adjustments.

The $337.1bn pension fund is also investing an additional $247m to finance ReNew Power’s acquisition of Ostro Energy Private.

ReNew Power, which announced the acquisition of Ostro Energy, did not disclose the acquisition amount but said CPPIB’s combined investment in ReNew Power now stands at $391m, following an earlier investment of $144m in January.

ReNew Power said this acquisition helps it further consolidate its position in the fast-growing, Indian clean energy sector.

Commenting on the NextEra Energy acquisition, Bruce Hogg, a managing director and head of power and renewables at CPPIB, said: “This opportunity to acquire a sizeable portfolio of operating renewables projects provides immediate scale and exposure to a core sector for CPPIB’s broader North American and global power and renewables strategy.”

The portfolio includes four wind and two solar projects with a total capacity of 396MW in Ontario.

”Today’s announcement represents CPPIB’s third significant investment in the global renewables sector. “Since December 2017, CPPIB has committed to wind and solar investments in Brazil, India and now Canada. As power demand grows worldwide and with a focus on accelerating the energy transition, we will continue to seek opportunities to expand our power and renewables portfolio globally,” Hogg said.