The Ontario Teachers’ Pension Plan is acquiring a stake in a U.K. renewable electricity network.
According to the terms of an agreement with Scottish and Southern Energy, the Canadian pension fund will pay £1.465 billion (approximately $2.45 billion) for a 25 per cent share in an electrical transmission network. The network carries power generated from wind and hydro projects in the north of Scotland to homes and businesses based across the U.K.
According to a press release, Charles Thomazi, senior managing director and head of Europe, Middle East and Africa infrastructure and natural resources at the Ontario Teachers’, said SSE’s transmission network has already overcome a major geographic hurdle. “Its network stretches across some of the most challenging terrain in Scotland, from the North Sea and across the Highlands, to deliver safe, reliable, renewable energy to demand centres across the U.K.”
In other news, the Canada Pension Plan Investment Board is investing in a Brazilian internet provider.
The investment organization is paying $625 million for a 9.5 per cent stake in fibre-optic internet provider V.Tal. The company’s network is the most widely used in Brazil, reaching about 20 million households.
According to a press release, the CPPIB believes South America’s largest country has a substantial demand for high-speed connectivity. The investment comes amid a series of government-led initiatives designed to provide access to high speed internet to 99 per cent of Brazilians by the end of 2025.