The Canada Pension Plan Investment Board (CPPIB) has signed an agreement to acquire a portfolio of six Canadian operating wind and solar power projects from Nextera Energy Partners, LP for $741 million, inclusive of working capital and subject to customary adjustments. The portfolio includes four wind and two solar projects with a total capacity of 396 MW in Ontario. Affiliates of Nextera Energy Partners, who developed and currently operate the portfolio, will continue to be the operator under a long-term agreement. The transaction is expected to close during the second quarter of 2018.

According to the company, it is CPPIB’s third significant investment in the global renewables sector. »Since December 2017, CPPIB has committed to wind and solar investments in Brazil, India and now Canada«, said Bruce Hogg, the organization’s Managing Director, Head of Power and Renewables.

Furthermore, CPPIB invests an additional $247 million in Indian Renew Power Ventures Pvt. Ltd. Including the initial $144 million investment in January 2018, CPPIB’s total investment in the company is now $391 million. The additional investment will support Renew Power’s acquisition of Ostro Energy Private Limited, an Indian renewable energy developer with total capacity of more than 1,100 MW. With this acquisition, Renew Power’s capacity will increase to more than 5,600 MW. The investment was pronounced in December 2017 (we reported).