UK pension fund USS buys half of 4-GW solar platform in Spain
UK private pension fund, the Universities Superannuation Scheme (USS), has made a deal to acquire a 50% stake in Spain-based renewables platform Bruc Energy, it was announced on Monday.
Bruc Energy operates as an investment vehicle of Spanish fund manager Bruc Management and is focused on solar photovoltaic (PV) assets in Spain and Portugal. The vehicle is co-owned by Canadian pension fund OPTrust and Juan Bejar, Spanish businessman and chairman of Bruc Management.
USS has invested EUR 225 million (USD 273m) to get access to half of Bruc Energy’s 4,000-MW strong solar PV pipeline, Bruc Management said. Bruc Energy has plans to expand investment operations to other renewables, such as wind power, the fund manager added.
The transaction is subject to certain conditions, including regulatory approval. It was arranged by USS Investment Management, the wholly-owned subsidiary and principal investment manager and advisor to USS. Royal Bank of Canada (TSE:TY)), Greenhill and Nomura served as advisors.
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