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Santander, Canadian Pension Funds Confirm Venture
From the Wall Street Journal of Tue, 23 Dec 2014 02:42:44 EST
Banco de Santander headquarter's near Madrid. The Spanish bank is transfering some renewable energy assets to a joint venture with two pension funds.
Banco de Santander headquarter's near Madrid. The Spanish bank is transfering some renewable energy assets to a joint venture with two pension funds. Getty Images

Banco Santander S.A. confirmed that it will transfer some renewable energy and water infrastructure assets to a joint venture with Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board.

The bank and the two pension funds will each own a third of the new entity.

The transaction, expected to close in the first half of 2015, values the assets at more than $2 billion.

The Wall Street Journal reported the joint venture plan last month. The report said the Spanish bank intended to transfer its 26.8% stake in Tonopah Solar Energy LLC to the venture. The plan was detailed in a filing with Federal Energy Regulatory Commission.

The pension funds and their peers are increasingly targeting electric utilities, toll roads and other infrastructure assets for investment, drawn by the steady income the assets generate, which matches up well with their long-term liabilities.

The parties said on Monday that the venture will include wind, solar and water infrastructure assets in seven countries that are operating or in development.

Write to Josh Beckerman at josh.beckerman@wsj.com



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