Canadian pension fund Ontario Teachers’ Pension Prepare has agreed to obtain a 30% stake for 23.71 billion rupees ($297.5 million) in Indian automaker Mahindra’s renewable electricity belongings, an trade submitting confirmed.

“This will permit the Mahindra Team to unlock benefit in the Renewable Strength Sector and it will proceed to commit together with Ontario Teachers’ to aid realise its twin objectives of accelerated development and world wide leadership in ESG,” Mahindra explained in the trade filing on Saturday.

Pension and infrastructure money typically acquire stakes in renewable energy technology assignments, tempted by the predictable long-time period returns.

Earlier this 12 months, Reuters reported that OTTP experienced agreed to make investments up to $1 billion in a new offshore wind company introduced by Australia’s Macquarie Group Ltd, to produce projects around the environment.

($1 = 79.6860 Indian rupees)

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