USS invests EUR225m for 50% stake in Bruc Energy
The Universities Superannuation Scheme (USS), the largest private pension fund in the United Kingdom by assets, has taken a 50% stake in Bruc Energy, a Spain and Portugal renewables-focussed investment vehicle created by Canadian pension fund OPTrust and the Spanish businessman, Juan Béjar.
In the transaction arranged by USS Investment Management, the wholly-owned subsidiary and principal investment manager and advisor to the scheme, USS has invested EUR225 million (US$273.6 million) in return for the stake in a major pipeline of 4,000 MW of solar photovoltaic (PV) farms.
Upon completion, Bruc Energy will be owned 50% by USS and BROP, a vehicle owned by OPTrust and Mr Béjar.
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