The Canada Pension Plan Investment Board (CPP Investments) has announced that it will invest an additional $288 million in its UK-based Renewable Power Capital (RPC) platform to support its growth strategy. RPC’s investment strategy, which includes an initial investment in an onshore wind farm in Sweden and multiple solar projects in Spain, will be supported by CPP Investments’ further capital infusion.

RPC recently offered to acquire OX2’s Klevberget onshore wind farm in Västernorrland County, Sweden, via a construction and asset transfer agreement as part of its development strategy. The 146 MW wind farm has the capacity to power approximately 46,000 homes with sustainable energy. RPC will enter the Swedish renewable energy market as a result of this agreement. OX2 will provide technical and commercial management services for the wind farm after it is completed.

In addition, RPC and OX2 have teamed up to provide extra energy capacity in the Nordic region. RPC was founded by CPP Investments in December 2020 with the goal of investing in solar, onshore wind, and battery storage technologies, among other things, across Europe.