CPP Investment Board provides $109.6 million secured loan for woody biomass plant in Spain

The Canada Pension Plan Investment Board (CPP Investments) has made a major investment in a European biomass plant.

It announced that it kicked in €75 million ($109.6 million Cdn) for a secured loan to the Curtis Biomass Plant. It’s a 49-megawatt woody biomass plant located in northwest Spain that uses certified forestry waste.

The plant was developed by Teixeiro and is currently owned by Greenalia, according to Power Technology. It said the plant generates 324GWh electricity annually and offsets 393,973t of CO2 emissions a year.

CPP Investments is the professional investment management organization that manages the fund on behalf of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. It ended its third quarter of fiscal 2024 on Dec. 31, 2023, with net assets of $590.8 billion, compared to $576.1 billion at the end of the previous quarter.