- CPP Investments’ net proceeds, after certain costs and adjustments, are expected to be C$374m
- The transaction is expected to be completed by the end of 2023
- CPP Investments oversees Canada Pension Plan’s fund
Canada Pension Plan Investment Board (CPP Investments) has agreed to sell its 24.5 percent stake in two German offshore wind assets, Hohe See and Albatros.
The wind farms are located around 100kms from the German North Sea coast. Together, the wind farms produce a combined 2.5 million-megawatt hours of electricity.
CPP Investments’ net proceeds from the transaction, after certain costs and adjustments, are expected to be C$374 million ($273.5 million; €254.5 million).
CPP Investments acquired its interests in the assets as development projects from Enbridge in 2018.
“Since our initial investment in these assets in 2018, the European offshore wind market has continued to mature and we’ve realized solid returns during our ownership,” said Bill Rogers, MD, global head of sustainable energies, CPP Investments. “The renewable energy sector, and offshore wind specifically, remains an important investment strategy for us, and we will continue to seek opportunities in the sector that best fit the scale and flexibility of our capital.”
The transaction is subject to customary conditions and is expected to be completed by the end of 2023.
CPP Investments, based in Toronto, is an investment management organisation that oversees Canada Pension Plan’s fund. The fund totalled C$575 billion as on 30 June.
Enbridge is a Canadian energy infrastructure company.