A Dutch pension fund investor has become a 50 percent owner of an Oklahoma wind farm after signing a deal with California based EDF Renewables, one of the largest renewable developers in North America.
PGGM Infrastructure Fund signed the purchase and sale agreements, thereby acquiring 50% ownership in the Rock Falls Wind farm, a 154 MW operation in Grant and Kay Counties. The deal also included 50% ownership in the Red Pine Wind farm in Minnesota and the Switch Station 1 Solar and Switch Station 2 Solar operations in Clark County, Nevada.
The total capacity of the wind and solar operations is 588 megawatts. EDF Renewables will remain involved in the projects as co-owner providing management services and provider of operations and maintenance services, according to the announcement.
Raphael Declercq, executive vice president of strategy for EDF Renewables commented, “This portfolio of wind and solar projects provides an attractive investment opportunity in the US renewable energy sector, well suited for a large pension fund.”
Erik van de Brake, head of infrastructure at PGGM commented, “This transaction enables PGGM to work closely with EDF Renewables, known for its great expertise in developing and operating renewable energy projects. ”
He said the addition of the portfolio to the company’s investments is part of the firm’s push to build up a $20 billion European impact for its client PFZW, the Dutch pension fund for the healthcare sector.
PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On December 31, 2017 PGGM had EUR 218 billion in assets under management and was administrating pensions of 3 million participants.
