The Canada Pension Plan Investment Board (CPP Investments) has announced that it will invest an additional €260m ($288m) in its UK-based Renewable Power Capital (RPC) platform to support its growth strategy.

CPP Investments established RPC in December 2020 for investing in solar, onshore wind and battery storage technologies among others across Europe.

The platform is backed by CPP Investments’ multi-billion Power and Renewables investment strategy.

CPP Investments’ additional capital infusion will be used to support RPC’s investment strategy, which includes an initial investment in an onshore wind farm in Sweden and several solar projects in Spain.

As part of its growth strategy, RPC recently agreed to acquire OX2’s Klevberget onshore wind farm in Västernorrland County, Sweden, under a construction and asset transfer agreement.

The 146MW wind facility has the capacity to generate enough clean energy to power nearly 46,000 households.

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By GlobalData

The deal will mark RPC’s entry into the Swedish renewable energy market.

Upon its completion, OX2 will provide technical and commercial management services for the wind farm.

CPP Investments managing director and Sustainable Energies head Bruce Hogg said: “RPC has significantly expanded its footprint across European renewables with this entry into the Swedish market.

“We continue to support the business with additional long-term capital to invest in attractive renewables opportunities across our target markets.”

The deal comes after RPC purchased a portfolio of onshore wind projects in Finland, with 171MW of total capacity, from OX2 last year.

RPC and OX2 have also partnered to deliver additional energy capacity in the Nordic region.

Based in Toronto, Canada, CPP Investments manages the Canada Pension Plan, which has more than 20 million contributors and beneficiaries.

Last December, the company agreed to make a $300m equity investment in Octopus Energy Group through its Sustainable Energies Group business.