OTPP, PSP & Santander Partner on Renewable Energy Assets Deal
December 29, 2014
The Ontario Teachers' Pension Plan and the Public Sector Pension Investment Board have entered into an agreement with Banco Santander to jointly hold a portfolio of renewable energy and water infrastructure assets currently owned by the bank; the assets will be transferred to a new company where each party involved in the partnership will hold an equal share. The transaction values the assets at over $2 billion and is expected to close in the first half of 2015. OTTP, PSP and Santander intend to continue investing significant capital in the new company over the next five years to underpin its continued growth.