CPP Investments commits 200 million euros to renewable energy projects in France

0
85


Offshore wind projects are located in Loire-Atlantique (Saint Nazaire), Seine-Maritime (Fécamp) and Calvados (Courseulles-sur-Mer), with an estimated total installed capacity of almost 1.5 gigawatts. the Saint Nazaire the project is currently under construction, while Fécamp and Courseulles-sur-Mer are well advanced in terms of development. The wind farms should become operational in phases between 2022 and 2024.

Bruce Hogg, Managing Director, Head of Energy and Renewable Energies, CPP Investments, said: ” France has established renewable energy as a cornerstone of its long-term energy plan and this partnership with Enbridge represents significant investment and development opportunities in flagship offshore wind projects across France, next to France’s EDF Renewables, the leading energy company. This investment will further diversify our existing asset portfolio and deepen our access to future high quality offshore wind development projects in Europe and Asia. “

The energy and renewable energy investment team within CPP Investments’ Real Assets department focuses on development and operational opportunities in low and zero carbon energy projects around the world , including wind, solar and hydroelectricity. In May 2018, CPP Investments has signed agreements with Enbridge to acquire 49% of its interests in certain North American onshore renewable energy assets, as well as 49% of Enbridge’s interests in two German offshore wind projects. CPP and Enbridge investments subsequently created Maple Power, a 50/50 joint venture to develop, build and own offshore wind farms, with initial investments in Germany and France. Recent investments include Pattern Energy (Canada, Japan United States) and VTRM Energia (Brazil).

The closing of the transaction is subject to customary regulatory approvals and is expected to occur in the fourth quarter of 2020.

About CPP investments
The Canada Pension Plan Investment Board (CPP Investments ™) is a professional investment management organization that invests funds that the Canada Pension Plan (CPP) does not need to pay for current benefits in the best interest of 20 million contributors and beneficiaries. In order to build diversified asset portfolios, CPP Investments invests in public stocks, private stocks, real estate, infrastructure and fixed income instruments. Based at Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. AT December 31, 2019, the CPP fund totaled $ 420.4 billion. For more information on CPP Investments, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

SOURCE Canada Pension Plan Investment Board

For further information: Steve McCool, Director, Corporate Communications, CPP Investments, Email: [email protected], Telephone: +44 20 3947 3002

Related links

www.cppib.ca



LEAVE A REPLY

Please enter your comment!
Please enter your name here