Staff
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.