The portfolio includes two wind projects; the 200MW Red Pine site in Minnesota and the 154MW Rock Falls project in Oklahoma. Both sites were completed in 2017.
The deal also includes a 324MW solar project in Nevada.
PGGM said there is an expectation to expand the portfolio further "in the short term".
Erik van de Brake, head of infrastructure at PGGM, said: "With this purchase we show how pension capital can be invested in the infrastructure needed for the energy transition via private markets for the long term and profitable."
PGGM has previously invested in offshore wind projects: the Walney 1 & 2 sites in the Irish Sea, and the Baltic 2 site off Germany.
The 200MW Red Pine site comprises 100 Vestas V100 turbines, according to Windpower Intelligence, the research and data division of Windpower Monthly.
Rock Falls, meanwhile, uses a mix of Siemens Gamesa SWT-2.625-120 and SWT-2.3-108 units.
It has a power off-take agreement with household goods manufacturer Kimberly Clark, agreed in September 2017.