CPP Investments puts further EUR 260m into renewables platform RPC

Canada Pension Plan Investment Board (CPP Investments) on Tuesday said it has committed another EUR 260 million (USD 291.2m) to Renewable Power Capital Ltd (RPC), the London-based platform it launched in 2020 to invest in solar, onshore wind and energy storage in Europe.

The funds will support the platform’s investment strategy, including recent deals -- an onshore wind acquisition in Sweden and recent investments in Spanish solar projects.

As announced last week, RPC is expanding into the Swedish market via the purchase of the 146-MW Klevberget onshore wind project in the country from Swedish renewables developer OX2, which will build the wind farm and manage it after completion. The deal is worth SEK 2 billion (USD 211m/EUR 189m) and adds to the acquisition of a 171-MW Finnish portfolio of three onshore wind farm projects from the developer in early 2021.

“We continue to support the business with additional long-term capital to invest in attractive renewables opportunities across our target markets,” said Bruce Hogg, managing director, head of Sustainable Energies, at CPP Investments.

(EUR 1 = USD 1.120)

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