GLIL Infrastructure, the £1.8bn (€2.1bn) infrastructure fund backed by a number of UK local government pension schemes, has acquired a 49% stake in Cubico Sustainable Investments’ UK wind and solar portfolio.
Cubico – which is backed by Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board – sold the minority in the 250MW operational projects at 18 sites for an undisclosed sum.
David Swindin, head of EMEA at Cubico Sustainable Investments, said: “This is a strategically significant transaction for Cubico and we are very pleased to have entered into this partnership for our UK operational portfolio.
“We look forward to working with GLIL and continuing to manage the portfolio to the highest standards as renewables play an increasingly important role in UK and global energy systems.”
Jonathan Ord, investment director at GLIL Infrastructure, said: “We see renewable energy assets as integral to UK power generation and a critical part of the country’s future infrastructure.
“Working with the team at Cubico and its portfolio of quality assets will help us support the growth and decarbonisation of the economy and provide the stable, long-term, inflation-linked returns that our members demand.”
The open-ended GLIL fund was set up by the Greater Manchester Pension Fund and the London Pensions Fund Authority in 2015 to drive further direct investment in core UK infrastructure and support the long-term objectives of local authority pension funds.
The latest deal is GLIL’s seventh investment.