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Canada Pension Plan Investment Board (CPP Investments) has committed up to €245 million to its UK-based platform – Renewable Power Capital Limited (RPC), in support of RPC’s first investment in renewables in Europe. RPC was launched by CPP Investments in December 2020.

RPC has committed to acquire a 100 per cent interest in a portfolio of three wind farms from OX2. OX2 will construct the wind farms under a tailored engineering, procurement, and construction contract and will also be responsible for the technical and commercial management of the wind farms. When all three wind farms are operational as planned in 2022, the portfolio is expected to produce close to 590 GWh per year, equivalent to the electricity consumption of approximately 118 000 households.

Bruce Hogg, Managing Director, Head of Power & Renewables, CPP Investments, said, “Our new commitment to support RPC’s initial investment in Finland is fully aligned with our goal of deploying long-term, flexible capital in an attractive renewables market. RPC is partnering with OX2, a best-in-class operator, with a strong track record of delivering high-quality projects which can compete without subsidies. We continue to see a strong pipeline of other renewable opportunities in RPC’s high priority markets.”

RPC forms a core part of CPP Investments’ Power & Renewables investment strategy and will invest in solar, onshore wind and battery storage, among other technologies, across Europe. CPP Investments has made approximately 9 billion Canadian dollar of equity commitments to renewable energy globally as of September 30, 2020, with investments in development and operational assets across onshore wind, offshore wind, solar, hydro and associated storage and distribution and has approximately 4.5 GW of operating assets in Brazil, Canada, Germany, Japan and the USA.