CPPIB To Buy Canadian Wind, Solar Power Projects From NextEra For $741 Mln

(RTTNews) - Canada Pension Plan Investment Board or CPPIB said it has agreed to acquire a portfolio of six Canadian operating wind and solar power projects from NextEra Energy Partners, LP (NEP) 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 megawatts 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.

"This opportunity to acquire a sizeable portfolio of operating renewables projects provides immediate scale and exposure to a core sector for CPPIB's broader North American and global power and renewables strategy. NextEra Energy Partners is an industry-leading renewables developer and operator," Bruce Hogg, Managing Director, Head of Power and Renewables of CPPIB said.

Monday's announcement represents CPPIB's third significant investment in the global renewables sector.