A group that includes the Investment Management Corp. of Ontario, the Public Sector Pension Investment Board and private investment firm Sandbrook Capital is acquiring a German renewable energy company that specializes in acquiring and repowering onshore wind farms.
As part of the transaction, the IMCO, PSP Investments and Sandbrook will commit up to US$750 million of equity capital to NeXtWind Capital Ltd. to acquire its existing portfolio of operating wind assets and to fund future growth.
Following the transaction, the organization will be well-positioned to execute on its strategy of acquiring and repowering German wind assets and becoming a leading renewable energy company in Germany and beyond, according to a press release.
“Onshore wind repowering represents an important lever in enabling Germany’s energy transition,” said Patrick Samson, senior vice-president and global head of real assets investments at PSP Investments, in the release. “We are proud to join forces with NeXtWind’s highly experienced team to deliver on their repowering strategy and to reinforce our commitment to using capital and influence to support the transition to global net-zero emissions by 2050.”
Matthew Mendes, managing director and head of infrastructure at the IMCO, noted this is the organization’s first investment in the German wind energy sector. “[It] demonstrates our commitment to boost renewable energy production and enable the global energy transition, in alignment with IMCO’s climate action plan.”