Feb 28 (Reuters) - Canada Pension Plan Investment Board (CPP) agreed on Tuesday to buy a 49% stake in Aera Energy, a California oil venture being acquired by German asset manager IKAV from Shell (SHEL.L) and Exxon (XOM.N) for $4 billion.
The venture, California's second-largest oil and gas producer, will invest in renewable energy to eventually power its operations, the institutional investor said.
"Over time, renewable power will be deployed across Aera's land holdings, while selected legacy oil and gas infrastructure will be repurposed to create carbon capture and storage capability," CPP added.
IKAV did not immediately respond to a Reuters request for comment.
The announced sale by Shell and Exxon last September reflected the two companies' move out of mature energy properties at a time when high oil and gas prices favor new deals.
However, the sale was pushed back to the first quarter of 2023 for regulatory approval from the U.S. Committee on Foreign Investment, which weighs national security risks of sales to foreign-owned companies.
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(This story has been corrected to say that IKAV is buying Aera Energy for $4 bln, not CPP paying $4 bln for 49% stake in Aera, in paragraph 1)
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