Canada Pension Plan Investment Board (CPP Investments) is investing a further €800m to help its European renewable energy platform Renewable Power Capital (RPC) fund an acquisition in Sweden.
CPP Investments said the investment will support the costs of acquiring the 528MW onshore wind project as well as provide the capital required for construction and project completion.
The four new sites are expected to generate power ready for export to grid in the fourth quarter of 2025.
The latest investment lifts RPC’s onshore wind portfolio from 317MW to 845MW across Sweden and Finland, in addition to a nearly 4GW solar photovoltaic pipeline in Spain.
Bruce Hogg, managing director, and head of sustainable energies at CPP Investments, said: “RPC continues to identify new opportunities to expand its footprint across its core target markets and deliver on the long-term strategy to invest in post-subsidy renewable power and storage infrastructure across Europe.
“We 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 renewables opportunities.”
UK-based RPC was established by CPP Investments in December 2020. Back in March, CPP Investments committed a further €260m to RPC to help fund an ongoing investment strategy, including the RPC’s debut investment in Sweden and a recent investment in Spanish solar projects.
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