Canada Pension Plan Investment Board (CPP Investments) is investing €200m in a French offshore wind farm project.
CPP Investments, via its European arm, is paying €80 for a 49% interest in the entity that holds Enbridge’s stake in the Éolien Maritime France project, Enbridge’s partnership with EDF Renewables. CPP Investments is expected to commit an additional €120m as the first project progresses through construction.
The partnership is developing three offshore wind farms in France – with a planned total installed capacity of almost 1.5GW – expected to become operational in phases between 2022 and 2024.
CPP Investments said it could make additional investments of more than €150m in the two additional offshore wind farms.
Bruce Hogg, managing director, head of power and renewables, CPP Investments, said: “France has established renewables as a cornerstone of its long-term energy plan and this partnership with Enbridge represents significant opportunities to invest in, and develop, flagship offshore wind projects across France, alongside France’s premier energy company, EDF Renewables.
“This investment will provide additional diversification to our existing portfolio of assets and deepen our access to future high-quality offshore wind development projects in Europe and Asia.”