A stock exchange file shows that Canada’s Ontario Pension Fund has agreed to buy a 30% stake for 23.71 billion rupees ($297.5 million) in renewable energy assets of Indian automaker Mahindra.
“This will enable the Mahindra Group to unleash value in the renewable energy sector and will continue to invest alongside Ontario educators to help achieve its dual goals of accelerated growth and global leadership in ESG,” Mahindra said in a stock filing on Saturday. .
Pension and infrastructure funds often buy stakes in renewable energy generation projects, tempted by the expected long-term returns.
Earlier this year, Reuters reported that OTTP agreed to invest up to $1 billion in a new offshore wind project launched by Australia’s Macquarie Group (OTC:) Ltd, to develop projects around the world.
(dollar = 79.6860 Indian rupees)