Cubico has announced the sale of a substantial minority stake in its 250 MW UK operational wind and solar portfolio to GLIL Infrastructure
Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has announced the sale of a substantial minority stake in its UK operational wind and solar portfolio to GLIL Infrastructure LLP (GLIL), the £1.8bn infrastructure fund backed by Northern LGPS and Local Pensions Partnership.
The transaction sees GLIL acquire a 49 percent equity stake in the portfolio, which has been operational for more than three years and comprises over 250 MW of wind and solar projects at 18 sites across the UK.
Cubico, which is backed by two of Canada’s largest pension funds, Ontario Teachers’ Pension Plan and PSP Investments, will provide long-term management services for the day-to-day operation of the assets.
David Swindin, Head of EMEA at Cubico, said that this is a strategically significant transaction for Cubico and that the firm is very pleased to have entered into this partnership for its 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 the 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.”
In August, Cubico and Cypress Creek Renewables, a leading national solar and storage company, had announced the successful energisation of Palmetto Plains, South Carolina’s largest solar project in operation.
The project is located in Orangeburg County, where the two firms also announced the financial close and start of construction for Huntley Solar, a 100 MWdc solar project. Together, the Huntley and Palmetto Plains projects will provide USD 11 million in local tax revenue for Orangeburg County over the expected 40-year operational life of the projects.