Banco Santander, together with two Canadian pension funds, has formed Cubico Sustainable Investments to manage and invest in US$2 billion in renewable energy assets globally.
Owned equally by Santander and Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board, London-based Cubico “has significant capital to invest and is committed to a long-term growth strategy designed to make it one of the largest and best in class renewable energy and water investors in the world,” Santander said.
Following the transfer of 19 wind, solar and water infrastructure assets previously owned by Santander, Cubico has a balanced and diversified portfolio valued at more than US$2 billion. The assets in operation, construction or under development have a total capacity of more than 1,400 megawatts and are located across seven countries: Brazil, Mexico, Uruguay, Italy, Portugal, Spain, and the UK.
Cubico will focus on identifying assets that will achieve significant scale and value over the lifetime of its ownership. It has the mandate to hold assets for the long term. Cubico will have regional offices in Milan, Sao Paulo and Mexico DF.
” Renewable and water infrastructure developments require decisive long-term investment and commitment,” said Marcos Sebares, Chief Executive Officer, Cubico Sustainable Investments. “We are uniquely positioned to provide this through our strong ownership structure, experienced team and global footprint. We have already built a strong pipeline of attractive assets to add to the platform and look forward to working with our partners over the coming years to consolidate Cubico’s position as one of the world’s leading renewable energy and water infrastructure investors.”