Cubico Sustainable Investments, a global renewables investment company owned by Canadian pension funds, has partnered with Peel NRE to develop 500MW of wind and solar projects across the UK.
The companies said they have created the Peel Cubico Renewables partnership to originate, develop and operate a portfolio of projects over the next 5 to 10 years with an ambition to reach a total capacity of over 500MW.
Projects to sit under the newly formed Peel Cubico Renewables will be a combination of grid-scale and private wire developments, providing renewable electricity to the grid or directly to end-users to help decarbonise energy-intensive businesses.
Peel NRE, which is part of the Peel L&P regeneration business owned by Peel Group, will lead on identifying sites and early-stage development activities across the UK, using its own estate where appropriate.
Cubico, founded in 2015 by Ontario Teachers’ Pension Plan and PSP Investments, will bring expertise in financing, route to market, construction and operation.
Rob Tate, Peel NRE’s development director for energy said: “Both Peel NRE and Cubico bring strengths in many areas to this partnership and by working together, we can scale up and increase the pace of which we can provide the country with more renewable energy generation to support national and regional net zero carbon targets as well as delivering the potential for significant growth for both businesses.”
Matt Boss, head of northern Europe at Cubico Sustainable Investments, said: “As an established owner and operator of wind and solar PV projects across the UK, Cubico is excited to partner with Peel NRE to develop the next generation of renewable projects and provide more communities and businesses with the benefits of clean power.
“We look forward to combining our skills and capabilities as we work towards achieving our joint goal of advancing the energy transition we so urgently need.”
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