On May 17, 2021, the Universities Superannuation Scheme (USS), the largest private pension scheme in the UK, acquired a 50% stake in Bruc Energy. The $281 million investment will grant USS a stake in a 4GW pipeline of solar photovoltaic farms. The partnership will help Bruc Energy become one of the leading renewable energy platforms in Spain, providing the funds to develop its portfolio.
Bruc Energy, created by OPTrust and Juan Bejar, specializes in developing renewable energy projects in Spain and Portugal. OPTrust is one of Canada’s largest pension funds with net assets of approximately $22 billion, specializing in the administration of the OPSEU Pension Plan and the management of the assets through joint trusteeship.
Osler, Hoskin & Harcourt LLP acted as Canadian counsel to OPTrust with a team consisting of Chris Murray (Corporate), Matias Milet and Emily Gilmour (Taxation).