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					</table><p>Ontario Teachers’ Pension Plan (<a href="https://www.otpp.com/en-ca/" target="_blank" rel="noopener">OTPP</a>) Board will invest close to $805 million in a convertible equity portfolio financing with <a href="https://www.nexteraenergy.com/" target="_blank" rel="noopener">NextEra Energy Partners</a> to help it acquire a nearly 2 GW renewable portfolio.</p>
<p>OTPP committed to the investment as part of the sale of renewable energy assets from NextEra Energy Resources, a subsidiary of NextEra Energy, to NextEra Energy Partners.</p>
<p>The portfolio comprises four newly constructed and nine operating wind, solar, and energy storage assets geographically spread across the U.S. power markets. The assets have long-term power purchase agreements with diversified, investment-grade counterparties.</p>
<p>The global investor expects to close the transaction later this year or by early 2023, subject to customary closing conditions and receipt of certain regulatory approvals.</p>
<p>The transaction marks Ontario Teachers’ second investment with NextEra Energy and NextEra Energy Partners and adds to its growing green asset portfolio.</p>
<p>“We are pleased to build on our partnership with NextEra Energy Resources and NextEra Energy Partners… and to make another significant investment in a portfolio of high-quality wind and solar energy assets,” said Chris Ireland, Senior Managing Director, Greenfield and Renewables at Ontario Teachers’.</p>
<p>He added that the assets portfolio across the United States strongly complements their existing holdings and gives them additional exposure to the market.</p>
<p>The investment is being made by the Greenfield and Renewables team, which is part of the infrastructure &amp; natural resources department at the OTPP. The total pro-rata capacity of the Greenfield and Renewables portfolio equals approximately 5.6 GW.</p>
<p>The current investments include development-focused platforms such as Cubico sustainable investments, Anbaric development partners, Equis developments, and Corio generation, and a direct ownership stake in a portfolio of operating assets alongside NextEra Energy Resources.</p>
<p>OTPP’s financial advisor for the transaction was TD Securities, and Kirkland &amp; Ellis LLP was the legal advisor.</p>
<p>NextEra Energy <a href="https://mercomindia.com/nexteras-clean-records-net-income-of-729-million-2022/" target="_blank" rel="noopener">reported</a> a third-quarter (Q3) net income of $1.68 billion, a year-over-year increase of 13.5 % compared to $1.48 billion in Q3 2021.</p>
<p>In September, Ontario Teachers’ <a href="https://mercomindia.com/ontario-teachers-pension-fund-acquires-30-stake-mahindra-susten/" target="_blank" rel="noopener">acquired</a> a 30% equity stake in Mahindra Susten, a cleantech arm of Mahindra Group, for an equity value of ₹23.71 billion (~$289.92 million).</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Ontario Teachers’ to Invest $805 Million for Acquiring 2 GW Renewable Portfolio


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					</table><p>Global investor <a href="https://www.otpp.com/en-ca/" target="_blank" rel="noopener">Ontario Teachers&#8217; Pension Plan</a> will acquire a 30% equity stake in <a href="https://www.mahindrasusten.com/" target="_blank" rel="noopener">Mahindra Susten</a>, a cleantech arm of Mahindra Group, for an equity value of ₹23.71 billion (~$300 million).</p>
<p>The transaction involves the setting up of an Infrastructure Investment Trust (InvIT) in compliance with applicable regulations of the Securities and Exchange Board of India.</p>
<p>The InvIT is initially proposed to comprise renewable power assets seeded by Mahindra Susten with an operational capacity of around 1.54 GW. Shareholder loans of ₹5.75 billion (~$73 million) advanced by Mahindra Group to Mahindra Susten will be repaid.</p>
<p>Mahindra Group will receive an inflow of approximately ₹13 billion (~$ 165 million) through this transaction. Mahindra Susten will use the funds to build a strong renewable energy business focused on solar energy, hybrid energy, integrated energy storage, and round-the-clock (RTC) green energy projects.</p>
<p>An incremental amount of up to ₹17.5 billion (~$220 million) from Mahindra Group and up to ₹35.5 billion (~$450 million) from Ontario Teachers will be added into the business and the InvIT over seven years.</p>
<p>Mahindra Group and Ontario Teachers will jointly explore the sale of an additional 9.99% stake in Mahindra Susten by May 31, 2023.</p>
<p>The InvIT is expected to be formed during FY 2024, subject to requisite approvals.</p>
<p>&#8220;This platform will leverage our proven experience in development and deep knowledge of the Indian energy market. Our in-house EPC capabilities honed across renewable energy projects executed globally ensure Mahindra Susten engineers and delivers superior performing assets, thereby enabling our energy platform to provide clean, reliable power to millions of people across India,&#8221; said Deepak Thakur, Managing Director &amp; Chief Executive Officer, Mahindra Susten.</p>
<p>&#8220;The renewable energy sector in India is poised for significant growth in the coming years as India works towards its ambitious clean energy goals, and are excited to partner with the Mahindra Group in this initiative,&#8221; said Chris Ireland, Senior Managing Director, Greenfield Investments &amp; Renewables, Infrastructure &amp; Natural Resources at Ontario Teachers&#8217; Pension Fund.</p>
<p>In May this year, Mahindra Susten <a href="https://mercomindia.com/mahindra-susten-commissions-175-mw-solar-project-rajasthan/" target="_blank" rel="noopener">commissioned</a> a 175 MW solar project in Kolayat in the Bikaner district of Rajasthan.</p>
<p>Mahindra Susten was among the top five utility-scale solar developers in India, according to <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-2022-market-shares-and-profiles/" target="_blank" rel="noopener">Mercom&#8217;s India Solar Market Leaderboard 2022</a>. The company also emerged as one of the top utility-scale solar engineering, procurement, and construction service-providing companies in 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/vijayalakshmi-sridhar/" class="vcard author" rel="author"><span class="fn">Vijayalakshmi Sridhar</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/07/New-Project-6.jpg" width="77" height="102" /> <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">Vijayalakshmi</a> is a staff reporter at MercomIndia.com. She has two decades of experience as an independent journalist and features writer, and her work is featured across various publications and genres such as business, food, and clean energy. <a href="https://mercomindia.com/author/vijayalakshmi-sridhar/" target="_blank" rel="noopener">More articles from Vijayalakshmi</a>.</p>
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Ontario Teachers’ Pension Fund Acquires 30% Stake in Mahindra Susten, Plans InvIT

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