Cubico Sustainable Investments, a Canadian pension funds-owned global renewables investment company, has taken full ownership of a UK wind and solar projects venture with the acquisition of Peel NRE’s 50% stake.
Cubico said it has acquired Peel NRE’s interest in Peel Cubico Renewables, the joint venture formed in April 2021 to focus on the development of renewable energy projects in the UK.
Financial details were undisclosed.
The transaction involves the transfer of the Peel NRE renewables development team into the Cubico business, as well as the joint venture’s current onshore wind and solar photovoltaic development pipeline.
The deal gives Cubico over 350MW pipeline of development projects, encompassing utility-scale wind and solar projects across England and Scotland, plus a 1.7GW feasibility pipeline.
David Swindin, CEO of Cubico Sustainable Investments, said: “Cubico was founded in the UK almost a decade ago and we have had a long-standing commitment to the country and a substantial portfolio of assets there. We believe that by taking full control of the JV and bringing the team in-house, we will strengthen our global development business and enable us to carry on growing our asset base in the UK.”
James Pinney, head of Northern Europe at Cubico, said the deal marks an ”important milestone for Cubico, granting us an even stronger foothold in our home market, enabling us to ramp up development activity to support the UK’s decarbonisation ambitions”.
Cubico, founded in 2015 by Ontario Teachers’ Pension Plan and PSP Investments, has a global portfolio in ten countries.
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