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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

<p>Indian Railway Finance Corporation (<a href="https://irfc.nic.in/" target="_blank" rel="noopener">IRFC</a>), the financial arm of Indian Railways, has issued $500 million of denominated, senior and unsecured green notes under its $7 billion global medium-term note program.</p>
<p>The green notes will have a tenor of ten years and a coupon rate of 3.57%. The notes are listed at India International Exchange (IFSC) Limited and NSE IFSC Limited and rated Baa3 by Moody’s Investor Services.</p>
<p>The company will utilize the proceeds for funding eligible green assets through a finance leasing model. Alternatively, it will be used for refinancing the current debt for eligible green assets under its ‘Green Financing Framework from Green Debt,’ in line with the applicable laws, including external commercial borrowing guidelines of India.</p>
<p>In March 2021, Union Minister of Railways Piyush Goyal <a href="https://mercomindia.com/daily-news-wrap-up-indian-railways/" target="_blank" rel="noopener">said</a> that the entire Indian rail network would be fully electrified by 2023 and run on renewable energy by 2030. Addressing the Maritime India Summit 2021, he said that Indian Railways had moved 1.1 billion metric tons of freight traffic as of February 28, 2021.</p>
<p>Earlier, the Ministry of Railways <a href="https://mercomindia.com/indian-railways-solar-projects-vacant-lands/" target="_blank" rel="noopener">announced</a> that the Indian Railways plans to develop 20 GW of solar projects in its vacant lands to help meet projected consumption requirements of over 33 billion units (BU) by 2030.</p>
<p>According to a report published by Climate Trends and Riding Sunbeams, one in four trains of the Indian Railways <a href="https://mercomindia.com/solar-energy-could-power-trains/" target="_blank" rel="noopener">could</a> be powered by solar power. The report stated that solar projects installed along electrified railway tracks could replace roughly 4 GW of coal-fired electricity and save 20% of Indian Railways’ annual power bills in the first year and 40% thereafter.</p>
<p>In 2019, IRFC <a href="https://mercomindia.com/adb-loan-indian-railways-electric-power/" target="_blank" rel="noopener">signed</a> an agreement with the Asian Development Bank to electrify railway tracks. ADB said it would provide $750 million in long-term financing to help India’s railway sector transition to electric power and away from dependence on fossil fuels.</p>
<p>Mercom had earlier <a href="https://mercomindia.com/irfc-green-bond-london-stock-exchange/" target="_blank" rel="noopener">reported</a> that IRFC raised $500 million (~₹32.07 billion) by issuing its first green bond on the London Stock Exchange’s new International Securities Market. The bond was oversubscribed by more than three times, indicating strong support from global investors.</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/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Indian Railway Finance Corporation Raises $500 Million Through Green Notes Issuance

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