Cubico Sustainable Investments has expanded its development pipeline in Mexico by adding 1.6GW of capacity to its portfolio through an acquisition.

The Canadian pensions-owned renewables company has acquired Renantis Mexico comprising at least 12 solar and hybrid projects across seven states and in various stages of development. It has also entered into a “strategic agreement” with renewable energy projects developer Sowitec Group.

Osvaldo Rance, country head for Mexico at Cubico Sustainable Investments, said: “We are delighted to announce the completion of these two transactions which reinforce our commitment to delivering projects that will contribute to both reducing greenhouse gas emissions and driving Mexico’s future economic growth.

“We are confident that these projects will play a vital role in meeting the growing demand for clean energy in the region. Looking ahead, we will be seeking both public and private off-takers.”

Cubico said the acquisition, which adds over 1.6GW of capacity to its development portfolio, lifts the firm’s portfolio in Mexico to 2.2GW.

Cubico, backed by Canadian pension funds Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board, has a global portfolio in 10 countries with an installed gross capacity of more than 3GW, with nearly 700MW in construction and a 5GW development pipeline.

Javier Areitio, the head of origination and development at Cubico Sustainable Investments, said: “These transactions align with our global strategy of leveraging the local knowledge and in-house expertise that we have built to expand our portfolios within existing markets.

”Having now grown our total development portfolio to circa 5GW of greenfield projects in the US, UK, Spain, Italy, Australia and Mexico, this latest milestone reinforces Cubico’s position as a leading player and key facilitator of the global clean energy transition.”

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