Ontario Teachers’ Pension Plan, the Public Sector Pension Investment Board (PSP Investments) and Banco Santander have launched a firm to manage and invest in renewable energy and water infrastructure assets globally.
The London-based firm, called Cubico Sustainable Investments, is owned equally by Teachers, PSP Investments and Santander.
Read: Teachers’ reports 11.8% return
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 United Kingdom.
Cubico has a flexible investment mandate and through its strong origination capability will focus on identifying assets that will achieve significant scale and value over the lifetime of its ownership. Cubico has the mandate to hold assets for the long term.
Read: A substitute for fixed income?
“We are pleased to have worked with our partners to create Cubico,” says Andrew Claerhout, senior vice-president, infrastructure at Teachers’. “We look forward to supporting the strong management team and its efforts to build a platform for global growth in the renewable energy and water sector.”
“This new joint venture will allow us to continue to grow and develop our portfolio of private energy assets while contributing to environmentally sustainable energy production,” says Bruno Guilmette, senior vice-president, infrastructure investments with PSP Investments.
Also read: