Ontario Teachers’ Pension Plan (OTPP) and the Public Sector Pension Investment Board (PSP Investments) have finalised an infrastructure partnership with Banco Santander.

Cubico Sustainable Investments will manage and invest in renewable energy and water infrastructure assets on their behalf.

The Canadian institutions said 19 wind, solar and water infrastructure assets, previously owned by Santander and worth $2bn (€1.83bn), have been transferred to Cubico.

Bruno Guilmette, senior vice-president of infrastructure investments at PSP Investments, said the joint venture will allow it to continue to grow and develop a portfolio of private energy assets.

The assets in operation, construction or under development have a total capacity of more than 1,400 megawatts and are in Brazil, Mexico, Uruguay, Italy, Portugal, Spain and the UK.

Cubico, based in London, will be led by Santander’s former Asset & Capital Structuring (A&CS) team of 30, with Marcos Sebares as chief executive.