The Canada Pension Plan Investment Board is acquiring a controlling stake in Companhia Energética de São Paulo, a Brazilian hydro-generation company, through a joint venture with Votorantim Energia.

The 80.2 per cent stake in the company’s common shares and 13.7 per cent in its class B preferred shares represents an investment of about $604 million.

Read: CPPIB invests $272 million in Brazilian energy joint venture

While the investment is part of previously announced join venture with Votorantim Energia, a release from the CPPIB noted the investment is aligned with its strategy of allocating to renewable energy in Brazil, adding to its current portfolio of 564 megawatts of installed capacity.

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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