Cubico’s portfolio passes 2GW with wind acquisition

The clean energy platform managed by two Canadian pensions passed the 2GW portfolio mark less than two years after launching.

Cubico Sustainable Investment’s portfolio surpassed 2GW after it announced the acquisition of a 67MW wind farm in Spain.

Cubico, along with Plenium Partners, purchased the wind farm in the Jarafuel municipality in Valencia from Enerfin, a subsidiary of infrastructure developer Elecnor. The project has been operational since 2009. Plenium Partners has a minority position in the asset and will act as asset manager.

David Swindin, head of EMEA at Cubico, said in a statement this acquisition marks Cubico’s re-entry into Spain’s renewables market, with the firm “looking to grow our assets in the country.” The deal puts Cubico’s portfolio at 30 wind solar and water infrastructure assets.

Cubico was founded in 2015 when two of Canada’s largest pensions, Public Sector Pension Investment Board and Ontario Teachers’ Pension Plan, partnered with Banco Santander. Santander seeded the platform with 18 of its own assets and last month sold its stake to the two pensions, as part of a planned exit.

It has assets in operation or under construction in Brazil, Italy, Ireland, Mexico, Portugal, Spain, the UK and Paraguay. Cubico, which has given a big share of its attention so far to South America, has also said it is looking for opportunities in India, Eastern Europe and now Spain. Cubico is headquartered in London and has offices in Sao Paulo, Milan and Mexico.