OTPP, PSP-owned Cubico picks up 50% stake in Peel Cubico Renewables

PSP Investments is a pension investor based in Ottawa.

  • OTPP, PSP acquired Cubico Sustainable Investments in 2016
  • Cubico is a renewable energy company
  • Peel Cubico Renewables JV between Peel NRE and Cubico was initiated in April 2021

Cubico Sustainable Investments, owned by Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP Investments), has acquired Peel NRE’s 50 percent stake in Peel Cubico Renewables, a joint venture (JV) focused on the development of renewable energy projects in the UK.

The transaction includes the transfer of Peel NRE’s renewables development team into Cubico, as well as the joint venture’s current onshore wind and solar PV development pipeline, according to a release.

Cubico will be able to accelerate the growth of its development business in the UK, which will now have offices in both London and Manchester to manage the delivery of projects across the country, the release said.

“…by taking full control of the JV and bringing the team in house, we will strengthen our global development business and enable us to carry on growing our asset base in the UK,” said David Swindin, CEO of Cubico Sustainable Investments. “This reaffirms our belief in the UK as an attractive renewable energy market where we see great potential.”

Peel Cubico Renewables joint venture between Peel NRE and Cubico was initiated in April 2021. Cubico possesses a pipeline of development projects with a collective capacity exceeding 350MW, encompassing utility-scale wind and solar projects across England and Scotland, plus a 1.7GW feasibility pipeline.

OTPP and PSP Investments acquired Santander’s interest in Cubico Sustainable Investments in 2016.

Based in London, Cubico is a renewable energy company.

OTPP, one of Canada’s largest pension systems, is a global investor.

PSP Investments is a pension investor based in Ottawa.