• Renewable Power Capital (RPC) entering the Swedish market with 100% acquisition of onshore wind farm from OX2
• CPP Investments is committing approx. €260 million to support RPC’s growth strategy
• RPC forms a core part of CPP Investments’ multi-billion Sustainable Energies investment strategy and invests in solar, onshore wind and battery storage across Europe
Toronto, CANADA (March 1, 2022) – Canada Pension Plan Investment Board (CPP Investments) has committed a further €260 million to Renewable Power Capital Limited (RPC), in support of RPC’s ongoing investment strategy, including its initial investment in Swedish onshore wind and recent investments in Spanish solar projects.
RPC, CPP Investments’ U.K. based onshore renewables platform, has recently committed to acquire the Klevberget onshore wind farm, with a capacity of 146 MW, in their first Swedish deal. OX2, a leading developer and constructor of large-scale onshore wind power in Europe, is constructing the wind farm under their construction & asset transfer agreement. Once commissioned, OX2 will be responsible for the technical and commercial management of the wind farm. It will provide clean energy equivalent to the consumption of approximately 46,000 households.
Bruce Hogg, Managing Director, Head of Sustainable Energies, CPP Investments, said: “RPC has significantly expanded its footprint across European renewables with this entry into the Swedish market. We continue to support the business with additional long-term capital to invest in attractive renewables opportunities across our target markets.
RPC is partnering with OX2, delivering additional energy capacity which will compete without subsidies in the Nordic region.
The deal builds on the ongoing relationship between RPC and OX2. In 2021, RPC acquired a 171MW portfolio of Finnish onshore wind projects from OX2. RPC was launched by CPP Investments in December 2020.
About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2021, the Fund totalled $550.4 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.