Renewable Power Capital marks first investment with commitment to acquire a portfolio of Nordic onshore wind projects from OX2

Renewable Power Capital (RPC), the renewable energy investment platform backed by Canada Pension Plan Investment Board (CPP Investments), has made its first investment by committing to the acquisition of a 100% ownership interest in a 171 MW portfolio of onshore wind projects from OX2, a leading developer and constructor of large-scale onshore wind power in Europe, in a transaction valued at EUR245 million (US$300.60 million).

Two of the wind farms, Puutikankangas in North Ostrobothnia and Rustari in South Ostrobothnia, are ready-to-build today. When all three wind farms are commissioned as planned in 2022, the portfolio is expected to produce close to 590 GWh per year, equivalent to the electricity consumption of approximately 118 000 households.

RPC has a long-term investment strategy, flexible capital, and deep domain expertise. This transaction with OX2 showcases the company’s ability to move swiftly and decisively in executing acquisitions, delivering speed, execution certainty, and value, prior to optimizing the power contracting and long-term debt financing.  

RPC was launched in December 2020 and aims to enable the energy transition through a patient, long-term investment strategy underpinned by an innovative approach to managing the development and merchant risk.

OX2 is currently constructing 4 wind farms in Finland (235 MW) and developing a substantial portfolio of projects for the coming years.