(Reuters) – Spain’s Banco Santander SA is trying to obtain regulatory approval to sell a part of its stake in a solar energy project in Nevada to two Canadian pension funds, the Wall Street Journal reported on Tuesday.
The bank will transfer its 26.8 percent stake in Tonopah Solar Energy LLC to a new joint venture that will hold its assets in the United States, the Journal said on its website, citing a filing with the Federal Energy Regulatory Commission.
Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board (PSP Investments) will each acquire a stake and each own about a third of the joint venture, according to the Journal report.
Financial terms of the deal were not disclosed, the Journal said.
Banco Santander, Ontario Teachers and PSP could not be immediately reached for comment.
(Reporting by Abinaya Vijayaraghavan in Bangalore; Editing by Richard Chang)
(This story has been edited by Kirk Falconer, editor of peHUB Canada)
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