OX2 selling 171-MW wind trio in Finland to CPP Investments

A newly-formed platform of the Canada Pension Plan Investment Board, or CPP Investments, will purchase a 171-MW portfolio of Finnish wind projects from Sweden’s OX2.

The Swedish renewables developer will sell its 100% ownership stake in the three-project portfolio to Renewable Power Capital Limited (RPC) in a deal worth EUR 245 million (USD 300.6m). This will mark the platform’s first investment on the European renewables market, CPP Investments said on Thursday.

OX2 will build the three wind parks and will take care of their technical and commercial management following completion. Once up and running in 2022, the power plants will be able to generate close to 590 GWh of electricity per year, or enough to supply around 118,000 homes.

UK-headquartered RPC was established in December 2020 to invest in solar, onshore wind and battery storage projects, among others. CPP Investments then said that the platform will initially aim at under-development, ready-to-build or operating assets, starting with the Nordics and Spain.

"We continue to see a strong pipeline of other renewable opportunities in RPC's high priority markets," Bruce Hogg, managing director, head of power & renewables, CPP Investments.

(EUR 1.0 = USD 1.227)

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