In favor of the first RPC investment in the European renewables, the Canada Pension Plan Investment Board (CPP Investments) has pledged up to €245 million to its United Kingdom-based Renewable Power Capital Limited (RPC) project. In December 2020, CPP Investments unveiled RPC. RPC is committed to purchasing a 100% stake in OX2’s portfolio of 3 wind farms. OX2 will develop the wind power plants under a customized contractual agreement and charge the wind plants’ operational and commercial operation until commissioned.
The portfolio is estimated to generate up to 590 GWh a year when all triple wind farms are functional as scheduled in 2022, equal to nearly 118 000 households’ energy usage. “Our new pledge to help RPC’s original investment in Finland is completely consistent with our objective of investing long-term, stable resources in an exciting renewables sector,” stated Bruce Hogg, the Managing Director, Heading Power & Renewables, CPP Investments. RPC is working with OX2, a strongest operator, with a proven track record of providing high-quality projects that can thrive without subsidies. In the high priority markets of RPC, we strive to see a deep portfolio of many other renewable prospects.”
RPC forms an integral part of a multi-billion Power & Renewables investment plan of the CPP Investments which will invest throughout Europe in onshore wind, solar and battery storage, among many other technologies. As of September 30, 2020, CPP Investments has made nearly C$9 billion in global clean energy equity contributions, with investments in production and operating infrastructure for offshore wind, onshore wind, hydro, solar and related storage and distribution. With financial experts in Hong Kong, London, New York, Mumbai and Toronto, the green energy investment plan has about 4.5 GW of operational assets in Canada, Germany, Brazil, Japan and the USA.
The Investment Board of the Canada Pension Plan (CPP InvestmentsTM) is a specialist investment management company that invests in the long term interests of over 20 million Canada Pension Plan investors and beneficiaries from all around the world. CPP Investments makes investments in public equity, private equity, real estate, infrastructure as well as fixed income intending to create broadly diversified portfolios. Renewable Power Capital is a European funding fund for clean energy, set up in 2020 and wholly owned by the CPP Investments. In Great Britain, Renewable Power Capital is licensed, with headquarters located in London City. They invest in renewables such as onshore wind, solar and the battery storage facilities for growth, construction, as well as long-term ownership, facilitating the energy transformation and driving steady long-term, risk-adjusted yields. Our agile mandate enables us to design investments that understand the changing complexities of the European economy and create new ways to manage the investment in production, construction and trade.