Ontario Teachers' buys stake in U.S. renewable energy portfolio

The Canadian Press

TORONTO -- Ontario Teachers' Pension Plan Board says it has signed a deal with a subsidiary of NextEra Energy Inc. to buy a 50 per cent stake in a portfolio of 13 wind, solar and energy storage assets in the U.S. for US$849 million.

The pension fund manager has also committed to buy at least a 25 per cent interest in a US$824-million convertible equity portfolio financing announced by NextEra Energy in October.

NextEra Energy manages and owns contracted clean energy projects.

Chris Ireland, managing director, greenfield and renewables at Ontario Teachers', says the investment marks the beginning of what is expected to be a long-term partnership with the company.

The deal is expected to close later this year or in early 2022, subject to customary closing conditions and regulatory approvals.

The pension fund manager committed earlier this year to having net-zero greenhouse gas emissions across its portfolio by 2050.