The Caisse de dépôt et placement du Québec and U.K.-based Lightsource BP are investing $260 million to finance a portfolio of solar assets owned and managed by Lightsource.

The debt investment will be used to finance a portfolio composed of more than 100 solar projects across various countries, totalling more than 700 megawatts, with the potential to expand over time through continued investment from the pension fund.

The partnership aligns with the Caisse’s investment strategy to address climate change through low-carbon investments, according to a press release. In March, it set out a new aim to reduce its carbon footprint after exceeding its target for low-carbon assets in 2018.

Read: Caisse ups stake in global renewable energy company

“Lightsource BP has high-quality assets and has built itself an enviable positioning in its industry and the CDPQ is thrilled to support the company in its global development,” said Marc Cormier, executive vice-president of fixed income at the Caisse. “This transaction is perfectly aligned with CDPQ’s willingness to participate in the energy transition, primarily by investing in low-carbon assets, as we have just increased our investment target for these assets by 2020.”

Lightsource has established operations around the globe, supported by a team of more than 350 specialists. It currently manages more than two gigawatts of solar capacity and is aiming to acquire another 10 gigawatts within the next five years.

Read: Caisse ups stake in Indian solar company

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

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