Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is acquiring a stake in a portfolio of US renewable energy assets from NextEra Energy Resources for $849m (€733.6m).

Ontario Teachers’ said it has bought a 50% stake in a 2,520MW portfolio of wind, solar and energy storage assets from NextEra Energy.

Ontario Teachers’ said it has also entered into a commitment to purchase at least a 25% interest in an $824m convertible equity portfolio financing announced by NextEra Energy last month.

Chris Ireland, managing director, greenfield and renewables at Ontario Teachers’, said: “We are excited to make this significant investment and to grow our global portfolio of high-quality renewable energy assets.

“This investment marks the beginning of what we expect will be a long-term partnership with NextEra Energy.”

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