CPP launches UK renewable platform

The platform will invest in technologies including solar, wind and battery storage, across Europe

Canada Pension Plan Investment Board (CPP) has established a new, UK-based platform Renewable Power Capital (RPC).

Backed by CPP's multi-billion power & renewables investment strategy, the platform will invest in solar, onshore wind and battery storage, among other technologies, across Europe.

The business will be a majority-owned, but independently operated portfolio company.

RPC is headed up by Bob Psaradellis, formerly of GE Energy Financial Services, where he successfully closed equity investments in energy assets with over €5bn in enterprise value.

The platform's new chief executive also raised over $14bn in third-party equity and debt for GE's power, renewables, oil & gas, aviation and healthcare projects globally.

The business is chaired by Shaun Kingsbury, former chief executive of the UK Green Investment Bank.

Kingsbury led the Bank from formation with backing from the UK Government to become the largest renewable energy investor in the UK and ultimately on to a successful privatisation in 2017.

CPP Investments' managing director and head of power & renewables Bruce Hogg said: The establishment of RPC brings together our long-term, flexible capital and a management team with a depth of expertise and sophisticated understanding of the European renewable energy market.

The business is well-positioned to create value through enhancing routes to market, driving more efficient commercialization strategies and making improvements to assets' capital structures as many European renewables markets transition towards a subsidy-free regime, he said.

RPC will seek to enable the energy transition through a patient, long-term investment strategy underpinned by an innovative approach to managing development and merchant risk and the development of holistic capabilities to create long-term value through owning and operating renewable energy assets.